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 441:

  From the table, how many people scored above 6?

  Options:
  A) 25
  B) 24
  C) 5
  D) 30
  Show Answer
  The correct answer is B .
• Question 442: An economic problem exists whenever Options:
  A) there is scacity and choice
  B) there are no buyers for our goods
  C) there are too many sellers
  D) many people are out of work
  E) all raw materials are imported
  Show Answer
  The correct answer is A .
• Question 443: A business organization set up for the mutual benefits of member with similar interest is known as Options:
  A) cooperative society
  B) partnership
  C) private limited company
  D) public corporation
  E) public limited company
  Show Answer
  The correct answer is A .
• Question 444:

  The main objective of marketing boards is to

  Options:
  A) accumulate revenue for government
  B) educate farmers on pricing of cash crops
  C) stabilize the incomes of cash crop farmers
  D) provide warehousing facilities
  Show Answer
  The correct answer is C .
• Question 445: Which of the following statement does NOT describe a situation of perfect competition.? Options:
  A) The firm faces an infinitely elastic demand curve
  B) The firm makes no pure profit in the short run
  C) The price does not change with changes in the output level of the firm
  D) There is freedom of entry into, and exit out of the industry
  E) The firm can sell all it produces at the market price
  Show Answer
  The correct answer is B .
• Question 446: When two variables are positively related, the graph of the relationship? Options:
  A) is a downward-sloping curve
  B) has a negative intercept
  C) is a straight line
  D) is an upward-sloping curve
  Show Answer
  The correct answer is D .
• Question 447: Industries that can be randomly located are characterized by? Options:
  A) relatively low transport cost for both raw materials and output and factor mobility
  B) relatively heavy transport cost for raw material or output
  C) constant returns to scale
  D) signficant economy of scale
  Show Answer
  The correct answer is A .
• Question 448: To calculate the annual natural growth rate of a country's population, one has to know the country's annual birth rate and Options:
  A) the size of that country
  B) the rate of immigration into that country
  C) the population census of that country
  D) the annual death rate
  E) the gross domestic product annual(GDP) of that country
  Show Answer
  The correct answer is D .
• Question 449: The ultimate objective of Economics is to? Options:
  A) make effort to understand how the Economy works
  B) make the best use of scarce resources
  C) organize production at the lowest cost
  D) decide under what circumstances the government should intervene inthe economy
  Show Answer
  The correct answer is B .
• Question 450:

  

  In the circular flow of income above, the direction of flow ofpayments for consumption purchases is shown by the arrow

  Options:
  A) K
  B) L
  C) M
  D) N
  Show Answer
  The correct answer is A .