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 1: The liability of the sole trader is? Options:
  A) indeterminable
  B) unlimited
  C) transferable
  D) limited
  Show Answer
  The correct answer is B .
• Question 2:

  Which of the following functions does the wholesaler perform to save the retailer burden of carrying large stocks?`

  I Breaking the bulk

  Ii Packing the goods in smaller containers

  Iii Providing vital information

  Iv Grant credit facilities

  Options:
  A) i and ii
  B) i and iv
  C) ii and iii
  D) i, ii, iii and iv
  Show Answer
  The correct answer is A .
• Question 3: The major reason why countries strive to achieve optimum growth is to Options:
  A) be self-sufficient
  B) raise general living standards
  C) raise the level of production
  D) reduce aggregate expenditure
  Show Answer
  The correct answer is A .
• Question 4: If national income rises by 6% and population rises by 3%, per capita income will? Options:
  A) rise by 6 percent
  B) fall by 3 percent
  C) fall by 6 percent
  D) rise by 3 percent
  Show Answer
  The correct answer is D .
• Question 5: If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is Options:
  A) excise duties
  B) import duties
  C) quotas
  D) tariff
  Show Answer
  The correct answer is C .
• Question 6: One major problem encountered by ECOWAS is_______? Options:
  A) Conflict of interest among members
  B) Increasing population
  C) Weakness in the trade relationship
  D) Language barrier
  Show Answer
  The correct answer is A .
• Question 7: Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age? Options:
  A) money is regarded as a medium of exchange
  B) measure for value
  C) unit of account
  D) store of value
  E) standard for deferred payments
  Show Answer
  The correct answer is D .
• Question 8: Upstream oil activities involve the Options:
  A) exploration of crude oil
  B) refining of crude oil
  C) marketing of finished products
  D) management of pollution
  Show Answer
  The correct answer is A .
• Question 9:

  When a kilogram of carrot is #8.00, 20 kilograms are demanded and when the price decreased to #6.000 per kilogram, 30 kilograms are demanded. The elasticity of demand equals to

  Options:
  A) 11
  B) 12
  C) $\frac{1}{2}$
  D) 2
  Show Answer
  The correct answer is D .
• Question 10: Fiscal policy involves changes in? Options:
  A) open market operations
  B) revenue and expenditure of government
  C) money supply to the economy
  D) imports and exports
  Show Answer
  The correct answer is B .