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 311: 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 312: The study of economics is necessary mainly because of Options:
  A) Unemployment
  B) Unlimited resources
  C) Scarcity of resources
  D) Overpopulation
  Show Answer
  The correct answer is C .
• Question 313: One form of business organization which is not motivated solely by the profit objective is the? Options:
  A) joint stock company
  B) private limited company
  C) co-operative society
  D) ordinary partnership
  Show Answer
  The correct answer is C .
• Question 314: Collectivism refers to the system of management of state enterprises in a? Options:
  A) mixed economy
  B) co-operative organization
  C) capitalist economic system
  D) socialist economy
  Show Answer
  The correct answer is D .
• Question 315:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 316: Import substitution industrialization refers to? Options:
  A) the concentration of industries for even regional development
  B) setting up of industries for even development
  C) a situation in which local industries are set up to produce goods formerly imported
  D) the banning of imports which are subtitutes for domestically produce goods
  Show Answer
  The correct answer is C .
• Question 317: The most important determinant for the location of a brick industry is the availability of Options:
  A) market
  B) power supply
  C) water
  D) raw materials
  Show Answer
  The correct answer is A .
• Question 318:

  The price mechanism______

  Options:
  A) Rations the consumers
  B) Rewards the producers
  C) Regulates supply and demand
  D) Allocates scarce resources.
  Show Answer
  The correct answer is C .
• Question 319: One of the reason why the condition of supply of a commodity may change is Options:
  A) a change in real income
  B) changes in the technique of production
  C) a change of fashion or taste
  D) change in population
  Show Answer
  The correct answer is B .
• Question 320: Above full employment level, an expansionary monetary policy will lead to a Options:
  A) decrease in aggregate supply
  B) fall in the inflation rate
  C) rise in the inflation rate
  D) fall in aggregate demand
  Show Answer
  The correct answer is C .