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: One of the objectives of ADB is to Options:
  A) provide subsidies on imported goods to member countries
  B) mobilize short-term loans for member countries
  C) promote economic and social development of member countries
  D) provide technical assistance to only poor member countries
  Show Answer
  The correct answer is C .
• Question 362: How can a firm benefit from external economies? Options:
  A) Increasing its expenditure on advertising
  B) Increasing the workforce
  C) Locating in an area in which the industry is already established
  D) Merging with another domestic firm engaged in the same industry
  Show Answer
  The correct answer is C .
• Question 363: 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 364:

  

  From the graph above, fixing maximum price of garri below equilibrium prices at P₁ will

  Options:
  A) Encourage the production of garri
  B) Create an excess supply of garri
  C) Increase the consumption of garri
  D) Decrease the consumption of garri
  Show Answer
  The correct answer is C .
• Question 365:

  

  In the diagram above, there is an excess

  Options:
  A) demand for 30 units
  B) supply of 40 units
  C) demand for 20 units
  D) supply of 20 units
  Show Answer
  The correct answer is C .
• Question 366: Import duty concessions on the industrial inputs directly benefit the Options:
  A) consumers
  B) external sector
  C) commercial sector
  D) manufacturers
  Show Answer
  The correct answer is D .
• Question 367: The distribution channel that contributes most to the cost of production is? Options:
  A) producer-wholesaler-consumer
  B) producer-retailer-consumer
  C) producer-retailer-wholesaler-consumer
  D) producer-wholesaler-retailer-consumer
  Show Answer
  The correct answer is D .
• Question 368: The demand for two or more commodities to satisfy a particular want is _____? Options:
  A) Derived
  B) Composite
  C) Competitive
  D) Joint
  Show Answer
  The correct answer is D .
• Question 369:

  $\frac{\sum f(x-x̄)}{N}$ is a formula used to calculate ____________

  Options:
  A) variance
  B) the quartile
  C) standard deviation
  D) mean deviation
  Show Answer
  The correct answer is D .
• Question 370: A student in Obu'pu Secondary School discovers that he simultaneously needs a pen, an exercise book, an eraser and a ruler, but that he can purchase only one of these items. What is the first thing he is expected to do? Options:
  A) Check how much he has
  B) Find out which is the cheapest of the items
  C) Draw up a scale of preference
  D) Weigh the opportunity cost of each item against the other
  Show Answer
  The correct answer is C .