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 51: In a public company, shares are? Options:
  A) sold to one person only
  B) distributed freely
  C) advertised to members of the public for subscription
  D) disposed by the Chief Executive
  Show Answer
  The correct answer is C .
• Question 52: By utility we mean Options:
  A) usefulness
  B) power of satisfying a want
  C) beneficial
  D) advantageous
  E) consumable
  Show Answer
  The correct answer is B .
• Question 53: Firms are often set up close to each other in order to take advantage of? Options:
  A) supply or skilled labour
  B) agglomeration economies
  C) internal economies of scale
  D) external economies of scale
  Show Answer
  The correct answer is D .
• Question 54: Which of the following is NOT associated with minimum price legislation? Options:
  A) Black market
  B) Excess demand
  C) Excess supply
  D) Unattainable equilibrium
  E) Unemployment
  Show Answer
  The correct answer is B .
• Question 55:

  An increase in money income with constant price results in

  Options:
  A) Outward shift in the budget line
  B) Inward parallel shift in the budget line
  C) Options A and C
  D) Budget line remain constant
  Show Answer
  The correct answer is A .
• Question 56: The foreign exchange market is a market where Options:
  A) graded commoditties like wheat, flour, etc are sold and bought
  B) currencies are sold and bought
  C) treasury bills are sold and bought
  D) government bonds are sold and bought
  E) treasury certificates are sold
  Show Answer
  The correct answer is B .
• Question 57:

  

  In which of the diagrams above, is the consumer surplus correctly shaded?

  Options:
  A) I
  B) II
  C) III
  D) IV
  Show Answer
  The correct answer is D .
• Question 58: Differentiated product is the characteristic feature of? Options:
  A) perfect competition
  B) pure competition
  C) monopolistic competition
  D) monopoly
  E) oligopoly
  Show Answer
  The correct answer is C .
• Question 59:

  

  The maximum number of workers that should be hired is

  Options:
  A) 2
  B) 3
  C) 4
  D) 5
  Show Answer
  The correct answer is C .
• Question 60:

  Economic growth is different from economic development because economic growth

  Options:
  A) describes expansion and changes
  B) is measurable but not objective
  C) describes expansion and not change
  D) is not measurable but objective
  Show Answer
  The correct answer is C .