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 501:

  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 502: To facilitate the exportation of crude oil from Nigeria, special? Options:
  A) airstrips were constructed for jets to evacute the oil
  B) roads were built to connect the major oil wells to the ports
  C) pipelines were laid to connect the major oil wellsto the ports
  D) railway lines were constructed to connect the major oil wells to the ports
  Show Answer
  The correct answer is C .
• Question 503: In a normal (typical) demand schedule, the quantity demand is? Options:
  A) directly related to price
  B) inversely related to price
  C) independent of price
  D) proportional related to supply
  E) solely dependent on haggling skill
  Show Answer
  The correct answer is B .
• Question 504:

  In a country with large population of full-time house wives, national income

  Options:
  A) will be composed of goods produced by women
  B) figures will be grossly over-stated
  C) statistics will be difficult to calculate
  D) figures will be grossly under-estimated
  Show Answer
  The correct answer is B .
• Question 505:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 506: The channel for food distribution in Nigeria consist of? Options:
  A) farmers and their families
  B) producers, wholesalers and retailers
  C) producers and consumers
  D) producers and processor
  E) farmers, processors and consumers
  Show Answer
  The correct answer is B .
• Question 507: The purpose of import duties does NOT include the? Options:
  A) generation of revenue for government
  B) protection of domestic industries
  C) promotion of international trade
  D) conservation of foreign exchange earnings
  E) control of comsuption pattern
  Show Answer
  The correct answer is C .
• Question 508: In order to build up its capital stock, the typical less developed country should ideally Options:
  A) Increase total saving
  B) Depend on hand-out from foreigners
  C) Impose tariff on import
  D) nationalise all foreign concern
  E) None of the above
  Show Answer
  The correct answer is A .
• Question 509:

  Which of the following is the resultant effect of a fall in the profit margin of producers in an economy?

  Options:
  A) Unemployment will fall
  B) Unemployment will remain constant
  C) Unemployment will increase
  D) Unemployment will fluctuate
  Show Answer
  The correct answer is C .
• Question 510: A rise in income will, ceteris paribus, bring about Options:
  A) a movement along the demand curve
  B) a leftward shift of the demand curve
  C) a rightward shift of the demand curve
  D) no effect on the demand curve
  Show Answer
  The correct answer is B .