Economics Exam Past Questions and Answers | JAMB, WAEC and NECO

Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.

• Question 2961: To which of the following sectors do services belong? Options:
  A) Primary
  B) Secondary
  C) Tertiary
  D) Construction
  Show Answer
  The correct answer is C .
• Question 2962: The effect of emigration on a country's population is Options:
  A) decrease in the population
  B) decrease in job opportunities
  C) increase in population
  D) increase in dependency ratio
  Show Answer
  The correct answer is A .
• Question 2963:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 2964:

  Cooperative societies are formed mainly to

  Options:
  A) assist producers to maximize their profits
  B) encourage thrift and credit among members
  C) promote and maintain the welfare of members
  D) break the monopolies of private companies
  Show Answer
  The correct answer is C .
• Question 2965: In order to increase its profit margin, the monopolist can manipulate Options:
  A) both price and output
  B) either price or output
  C) only its price
  D) only its output
  Show Answer
  The correct answer is B .
• Question 2966:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 2967:

  

  From the graph above the consumer will attain equilibrium at point_______________

  Options:
  A) J
  B) K
  C) M
  D) L
  Show Answer
  The correct answer is B .
• Question 2968:

  X	8	10	12	16	18	20	24
  F	2	1	4	3	3	1	6

   

  From the table, Calculate the median___________

  Options:
  A) 24.0
  B) 17.0
  C) 18
  D) 16
  Show Answer
  The correct answer is D .
• Question 2969:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 2970: Under a floating exchange rate regime, the determinant of the exchange rate is Options:
  A) an Act of the National Assembly
  B) the highest denomination of the currency
  C) demand for and supply of foreign goods
  D) the system of government
  Show Answer
  The correct answer is C .