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 31: Which of the following is NOT a feature of underdevelopment? Options:
  A) Low per capita income
  B) Vicious circle of poverty
  C) Low level of industrialization
  D) Greater dependence on primary production
  E) High per capita income
  Show Answer
  The correct answer is E .
• Question 32: Which of these is a necessary condition for trade by barter? Options:
  A) double coincidence of wants
  B) double exchange rate
  C) durability of goods
  D) divisibility of commodities
  E) homogeneity of goods
  Show Answer
  The correct answer is A .
• Question 33:

  Which of the following rewards is associated with entrepreneurship

  Options:
  A) salaries
  B) profits
  C) interest
  D) rent
  Show Answer
  The correct answer is B .
• Question 34: A perfect example of a public good is? Options:
  A) air
  B) education
  C) defence
  D) transport
  Show Answer
  The correct answer is C .
• Question 35: A firm incurs short-run costs when Options:
  A) It cannot increase prices
  B) Operation is at its later stages
  C) Operation is at its early stages
  D) Some inputs cannot be varied
  Show Answer
  The correct answer is D .
• Question 36: The total money values of all goods and services produced in a country during a certain period is measured by using the? Options:
  A) income method
  B) expenditure method
  C) output method
  D) factor method
  Show Answer
  The correct answer is C .
• Question 37: One of the assumptions of ordinal utility theory is that Options:
  A) choice is not consistent
  B) utility can be ranked
  C) total utility is a function of price
  D) satisfaction is measurable
  Show Answer
  The correct answer is B .
• Question 38:

  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 39: If 502.75 million tonnes of grains are consumed annually by a population of 88.5 million people, the per capita grains consumption will be? Options:
  A) 6.00 tonnes
  B) 5.68 tonnes
  C) 0.60 ton
  D) 0.57 ton
  Show Answer
  The correct answer is B .
• Question 40: Securities are described as listed when they are Options:
  A) mobilished as long-term debt instruments
  B) traded on a recognised stock market
  C) bought and sold purely for development purposes
  D) mobilized as short-term debt instruments
  Show Answer
  The correct answer is B .