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 71: The main objective of the Economic Community of West African State is to? Options:
  A) estabilish a West African Development Bank
  B) create a West African army
  C) introduce a common currency for the sub-region
  D) promote the free movement of persons, goods and services within the sub-region
  Show Answer
  The correct answer is D .
• Question 72: In economics, production takes place only when Options:
  A) producers sell to retailers
  B) value has been added to a commodity
  C) modern equipment is used
  D) consumption has taken place
  Show Answer
  The correct answer is D .
• Question 73: Occupational distribution of population determines the Options:
  A) size of a population available and willing to work
  B) population density of a place
  C) dependency ratio of a country
  D) size and categories of the labour force
  Show Answer
  The correct answer is D .
• Question 74: An imperfect market in which there is only one buyer of a commodity is? Options:
  A) monopsony
  B) oligopoly
  C) monoploy
  D) duopoly
  Show Answer
  The correct answer is A .
• Question 75: A set of factors that can shift the supply curve are changes in Options:
  A) weather, price and technology
  B) technology, weather and population
  C) technology, price and taste
  D) population, price and taste
  Show Answer
  The correct answer is B .
• Question 76: The efficiency of labour can be increased by? Options:
  A) constant training of workers
  B) retirement of workers on a regular basis
  C) engaging expatrirates only
  D) placing an embargo on recruitment
  Show Answer
  The correct answer is A .
• Question 77: Of what importance is a wholesaler in the chain of distribution? Options:
  A) creation of artificial scarcity
  B) bulk breaking
  C) formation of trade unionism
  D) hoarding of goods
  E) making prompt payment to producers
  Show Answer
  The correct answer is B .
• Question 78: In a regulated market, price is determined by Options:
  A) consumers
  B) producers
  C) auction
  D) government
  Show Answer
  The correct answer is D .
• Question 79: Inflation can be curbed by Options:
  A) increasing aggregate demand
  B) paying higher wages
  C) increasing government expenditure
  D) reducing aggregate demand
  E) a deficit budget
  Show Answer
  The correct answer is D .
• Question 80:

  Whatever form an economic system may take, choice is essential for members of the community because resources are__________

  Options:
  A) scarce
  B) unlimited
  C) free
  D) many
  Show Answer
  The correct answer is A .