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 351: Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without visa for a period of? Options:
  A) 14 days
  B) 30 days
  C) 60 days
  D) 90 days
  E) 100 days
  Show Answer
  The correct answer is D .
• Question 352:

  ..................... is the highest body in ECOWAS organogram

  Options:
  A) Authority of Head of State and Government
  B) The Executive Secretariat
  C) The Defense Council
  D) Council of Ministers
  Show Answer
  The correct answer is A .
• Question 353:

  (i) What and how much will be produced

  (ii) How will it be produced

  (iii) For whom will it be produced

  (IV) How much will be exported and consumed?

  From the above, identify the combination of basic resource allocation questions in economic analysis.

  Options:
  A) i, ii and iii
  B) i, ii and iv
  C) i, iii and iv
  D) ii, iii and iv
  Show Answer
  The correct answer is A .
• Question 354: If the demand of a product with perfectly elastic supply increases, there will be Options:
  A) An increase in price and quantity offered
  B) An increase in quantity offered but price will remain the same
  C) A reduction in price and quantity offered
  D) An increase in price but a reduction in quantity offered for sale
  E) An increase in quantity offered but a reduction in price
  Show Answer
  The correct answer is B .
• Question 355:

  Calculate the population density of Nigeria, having a total population of 180 million with a total land area of 923,768 sq km?

  Options:
  A) 195 million people per sq km
  B) 5132 people per sq km
  C) 195 people per sq km
  D) 1.7 million people per sq km
  Show Answer
  The correct answer is C .
• Question 356: The first petroleum exploring company to discover crude petroleum in Nigeria was? Options:
  A) Mobil
  B) Texaco
  C) Agip
  D) Shell-BP
  Show Answer
  The correct answer is D .
• Question 357:

  

  Which of the following graphs represents the price-quantity relationship between tea and lemon, if they are perfect complements? choose the answer from the option above

  Options:
  A) A
  B) B
  C) C
  D) D
  Show Answer
  The correct answer is B .
• Question 358: The OPEC marketing policy of fixing minimum price allows members to Options:
  A) sell above minimum price
  B) sell below minimum price
  C) determine the price and quantity to sell
  D) negotiate price with customers
  Show Answer
  The correct answer is A .
• Question 359: A smaller industry that grows to cater for the need of the major industry is Options:
  A) subsidiary industry
  B) constructive industry
  C) manufacturing industry
  D) infant industry
  Show Answer
  The correct answer is A .
• Question 360: Personal distribution of income implies? Options:
  A) the way in which income is distributed among specific households or spending units
  B) the distribution of income according to basic resources
  C) dividing income according to industries
  D) dividing income between personal taxes, consumption expenditures and savings
  Show Answer
  The correct answer is A .