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 3021: Which of these would NOT increase population of a country Options:
  A) Increase in death rate
  B) Decrease in birth rate
  C) Emigration
  D) Migration
  E) Better medical facilities
  Show Answer
  The correct answer is A .
• Question 3022: The information that rank a consumer preferences is given by Options:
  A) Scale of preference
  B) Indifference map
  C) Demand schedule
  D) Supply schedule
  Show Answer
  The correct answer is B .
• Question 3023:

  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 3024: Which of the following producer is closest to being a monopolist? Options:
  A) A baker
  B) A wheat farmer
  C) A large chain store
  D) An automobile plant
  Show Answer
  The correct answer is D .
• Question 3025:

  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 3026:

  Which of the following is NOT a character of perfect competition?

  Options:
  A) Supply and demand are equal
  B) Products are identical
  C) There is perfect knowledge
  D) There is no advertising
  Show Answer
  The correct answer is A .