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 361: Scarcity in economics means that? Options:
  A) human wants are limitless
  B) the economy has very few resources
  C) the economy can scarcely produce anything
  D) resources are limited in relation to wants
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  The correct answer is D .
• Question 362: If an economy grows at an annual rate of 6%, of which is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to Options:
  A) technical progress
  B) size of the population
  C) amount of natural resources
  D) the environment
  E) the quality of human resources
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  The correct answer is C .
• Question 363: A firm whose cost of production decrease as it continues to increase its output is said to be enjoying? Options:
  A) profit maximization
  B) large-scale production
  C) a wind fall
  D) government subsidies
  E) economies of scale
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  The correct answer is E .
• Question 364: Inflation is a ……………. Options:
  A) general increase in the price of a single product
  B) period of economic recession
  C) period of hunger
  D) period of excessive money
  E) persistent rise in the general price level
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  The correct answer is E .
• Question 365: When the government fix the price of essential commodities, this is referred to as: Options:
  A) Price equilibrium
  B) Price control
  C) Demanded price
  D) Asking price
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  The correct answer is B .
• Question 366: The price paid for labour services is the? Options:
  A) commission rate
  B) wages rate
  C) income rate
  D) salary rate
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  The correct answer is B .
• Question 367: Imperfect market is characterized by Options:
  A) perfect mobility of factors of production
  B) many buyers and few sellers
  C) a large number of buyers and sellers
  D) non-preferential treatment
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  The correct answer is B .
• Question 368: If, as the price of a commodity rises, the quantity demanded of the commodity remains the same, then the demand for the commodity is? Options:
  A) static
  B) infinitely elastic
  C) externally determined
  D) perfectly inelastic
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  The correct answer is D .
• Question 369:

  Fiduciary issue is that part of?

  Options:
  A) the issue of notes backed entirely by gold
  B) a country's currency that is not negotiable
  C) the issue of notes not backed by gold
  D) a country's currency officially issued
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  The correct answer is C .
• Question 370: The most important goal of OPEC is to? Options:
  A) present a united front for the purpose of raising the price of crude oil
  B) bring unity among the petroleum exporting states
  C) ensuring political stability among member states
  D) ensure that rules on quota producion are strictly followed
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  The correct answer is D .