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 831:

  The demand for labour is a________

  Options:
  A) Derived demand
  B) Joint demand
  C) Complementary demand
  D) Composite demand
  Show Answer
  The correct answer is A .
• Question 832: Fixing price above equilibrium will cause Options:
  A) demand and supply to remain constant
  B) an increase in quantity supplied
  C) an increase in supply
  D) a decrease in quantity supplied
  Show Answer
  The correct answer is B .
• Question 833:

  The mean is the best measure of central tendency because it__________

  Options:
  A) can be calculated from incomplete data
  B) is a balancing point in an observation
  C) is a midpoint value in an array of data
  D) is not affected by extreme values in a data
  Show Answer
  The correct answer is B .
• Question 834:

  An example of a market which approaches fairly near to perfection is____________

  Options:
  A) the retail market
  B) the house market
  C) the labour market
  D) the foreign exchange market
  Show Answer
  The correct answer is D .
• Question 835: Economics is the study of human behaviour as it relates to the Options:
  A) efficient allocation of resources
  B) production of goods
  C) operation of companies
  D) generation of income
  Show Answer
  The correct answer is A .
• Question 836:

  A major factor contributing to productivity is

  Options:
  A) Immigration of young workers
  B) The labour force
  C) The baby boom of generation
  D) The rate of GDP per year
  Show Answer
  The correct answer is B .
• Question 837:

  ..................... is the highest body in ECOWAS organogram

  Options:
  A) Authority of Head of State and Government
  B) The Executive Secretariat
  C) The Defense Council
  D) Council of Ministers
  Show Answer
  The correct answer is A .
• Question 838: A major consideration in locating a cement factory is the availability of Options:
  A) skilled labour
  B) power
  C) infrastructural facilities
  D) limestone
  Show Answer
  The correct answer is D .
• Question 839: When a generalization is made based on observed facts, it is known as? Options:
  A) deductive reasoning
  B) inductive reasoning
  C) theoretical reasoning
  D) normative reasoning
  Show Answer
  The correct answer is B .
• Question 840:

  The two major types of international trade are Bilateral trade and?

  Options:
  A) Internal trade
  B) Multilateral trade
  C) Dilateral trade
  D) Trilateral trade
  Show Answer
  The correct answer is B .