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: Public limited liability companies are owned by__________? Options:
  A) The federal government
  B) Private and individual organizations
  C) The state government
  D) The federal and state governments
  Show Answer
  The correct answer is B .
• Question 2: The best measure of dispersion to determine the tallest tree in a forest is Options:
  A) range
  B) variance
  C) standard deviation
  D) mean deviation
  Show Answer
  The correct answer is B .
• Question 3: Which Of the following is NOT an obstacle to economic development? Options:
  A) Low level of investment
  B) lack of modern technology
  C) High rate of population growth
  D) Low productivity
  E) Dedicated leadership
  Show Answer
  The correct answer is E .
• Question 4: Government budget can be described as the sum of? Options:
  A) Indirect tax, direct tax, and loans expected within a financial year
  B) Planned recurrent expenditure and planned investment expenditure
  C) Planned capital expenditure for a development plan within a plan period
  D) Planned expenditure and expect revenue within a financial year
  E) Planned expenses of all ministries within a financial year
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  The correct answer is D .
• Question 5: Industries contribute to national economic development because they? Options:
  A) utilize local raw materials
  B) employ an increase number of labour
  C) provide recreational facilities
  D) use modern machines which replace human labour
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  The correct answer is A .
• Question 6: The concept of privatization presupposes? Options:
  A) efficiency
  B) marketing trade
  C) indigenization
  D) foreign trade
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  The correct answer is A .
• Question 7: Internal economies of scale are expected to bring about? Options:
  A) an increase in short-run average cost
  B) an increase in long-run average cost
  C) a decrease in long-run average cost
  D) a decrease in short-run average cost
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  The correct answer is B .
• Question 8: The term 'Near money' is best described as Options:
  A) a financial instrument that is readily convertible to cash
  B) government financial instrument that is convertible to cash
  C) time deposits with low interest rates
  D) a financial asset that is convertible to cash
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  The correct answer is A .
• Question 9:

  Which of the following will cause an increase in cost of production?

  Options:
  A) Hyper-inflation
  B) Cost push inflation
  C) Structural inflation
  D) Demand pull inflation
  Show Answer
  The correct answer is B .
• Question 10: If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is Options:
  A) N1.50
  B) N0.40
  C) N1.00
  D) N2.00
  Show Answer
  The correct answer is B .