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 911: The active population of a country determines the size of its Options:
  A) economic resources
  B) national income
  C) labour force
  D) gross domestic product
  Show Answer
  The correct answer is C .
• Question 912:

  In a free market economy. the rationing of scarce goods is done principally by_______

  Options:
  A) Consumers
  B) The government
  C) The price mechanism
  D) All of the above
  Show Answer
  The correct answer is A .
• Question 913: Under flexible exchange rates, a deficit could be corrected by? Options:
  A) freezing the gold point
  B) appreciation of other currencies
  C) removing export subsidies
  D) removing tariffs
  Show Answer
  The correct answer is B .
• Question 914:

  Palm oil industry is located in Old Bendel State because the state______

  Options:
  A) Land is suitable for oil
  B) Is a palm tree growing area
  C) Soil is unsuitable for other crops
  D) Imports raw materials for palm oil industry
  Show Answer
  The correct answer is B .
• Question 915: Average product is less than marginal product when Options:
  A) there is constant returns to scale
  B) there is increasing returns to scale
  C) there is decreasing returns to scale
  D) diminishing returns set in
  Show Answer
  The correct answer is C .
• Question 916:

  In an open economy, the GNP is measured as_____________?

  Options:
  A) C + 1 + G(X-M)
  B) C + 1 + G
  C) C + 1 + G + X
  D) C + 1 + G + M
  Show Answer
  The correct answer is A .
• Question 917:

  The law of supply states that, other things being constant, as price increases

  Options:
  A) Supply increases
  B) Supply decreases
  C) Quantity supplied increases
  D) Quantity supplied decreases
  Show Answer
  The correct answer is C .
• Question 918: Which of the following countries is NOT a member of the economic Community of West African States? Options:
  A) Sierra Leone
  B) Sudan
  C) Gambia
  D) Nigeria
  E) Guinea
  Show Answer
  The correct answer is B .
• Question 919:

  

  Which of the following graphs represents the price-quantity relationship between tea and lemon, if they are perfect complements? choose the answer from the option above

  Options:
  A) A
  B) B
  C) C
  D) D
  Show Answer
  The correct answer is B .
• Question 920: In the equation Q = a - bp + e; Q and P are .... Variables respectively. Options:
  A) constant and dependent
  B) dependent and independent
  C) error term and independent
  D) independent and constant
  E) independent and dependent
  Show Answer
  The correct answer is E .