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 3001:

  The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?

  Options:
  A) $ 90.00
  B) $ 180.00
  C) $ 324.00
  D) $ 350.00
  Show Answer
  The correct answer is C .
• Question 3002: The downstream activities of oil companies in Nigeria involve Options:
  A) refining and distribution
  B) prospecting and exploration
  C) off-shore drilling
  D) management of spillage and pollution
  Show Answer
  The correct answer is A .
• Question 3003: 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 3004: If the population of a school is 600 and 60% are In JSS, how many students are in SSS? Options:
  A) 204
  B) 224
  C) 240
  D) 244
  E) 248
  Show Answer
  The correct answer is C .
• Question 3005: Dumping in international trade means selling a goods at a Options:
  A) higher price at home than abroad
  B) lower price at home than abroad
  C) price that equates marginal cost with marginal revenue
  D) price above marginal cost abroad
  Show Answer
  The correct answer is A .
• Question 3006: For purely competitive industry, a fundamental requirement of the demand curve faced by individual firms is that it should be? Options:
  A) downward sloping and price inelastic
  B) perfectly price elastic
  C) downward sloping but price inelastic
  D) perfectly price inelastic
  Show Answer
  The correct answer is B .
• Question 3007:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 3008: The modal value of 3, 8, 4, 6, 3, 5, 2, 7, 3 and 5 is Options:
  A) 6
  B) 3
  C) 4
  D) 5
  Show Answer
  The correct answer is B .
• Question 3009: The supply of and demand for goods and services are influenced by the? Options:
  A) supermarkets
  B) entrepreneurs
  C) mechanism of the law
  D) mechanism of equilibrium
  E) price mechanism
  Show Answer
  The correct answer is E .
• Question 3010: The ultimate objective of Economics is to? Options:
  A) make effort to understand how the Economy works
  B) make the best use of scarce resources
  C) organize production at the lowest cost
  D) decide under what circumstances the government should intervene inthe economy
  Show Answer
  The correct answer is B .