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 1021:

  The method obtained by adding all the reward of factors of production in national income is________

  Options:
  A) income approach
  B) expenditure approach
  C) value added method
  D) output approach
  Show Answer
  The correct answer is A .
• Question 1022: The concept of privatization presupposes? Options:
  A) efficiency
  B) marketing trade
  C) indigenization
  D) foreign trade
  Show Answer
  The correct answer is A .
• Question 1023: An economic problem arises when? Options:
  A) manufactured goods are in short supply
  B) money is in short supply
  C) buyers are many
  D) sellers are few
  E) scarcity and choice are involved
  Show Answer
  The correct answer is E .
• Question 1024:

  The study of Economics becomes necessary because of the______________

  Options:
  A) Large population size of the world
  B) Scarcity of resources
  C) Opportunity cost of goods and services
  D) Need to satisfy every desire of man
  Show Answer
  The correct answer is B .
• Question 1025: 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 1026: Nigeria earns the major part of her foreign exchange from the export of? Options:
  A) manpower to another countries
  B) crude oil
  C) petroleum products
  D) groundnuts and cotton
  E) palm oil and cocoa
  Show Answer
  The correct answer is B .
• Question 1027:

  Which of the following would not be a reason for a government to impose a quota on imports?

  Options:
  A) To support strategic industry
  B) To prevent dumping
  C) To decrease tax revenue
  D) Employment oppourtunity
  Show Answer
  The correct answer is C .
• Question 1028: A policy aimed at enhancing globalization of the Nigerian economy is Options:
  A) indigenization
  B) dereglation
  C) commercialization
  D) privatization
  Show Answer
  The correct answer is D .
• Question 1029: Let P _x represent the price of exports and P_m the price of imports. Then the terms of trade (TOT) are said to be favourable if Options:
  A) $\frac{Px}{Pm}$
  B) $\frac{Px}{Pm}$=1
  C) $\frac{Px}{Pm}$>1
  D) $\frac{Px}{Pm}$+1
  Show Answer
  The correct answer is C .
• Question 1030: If a 10k per kg, 1000kg of yam were purchased and at 5k per kg, 1,500kg were purchased, the resultant point elasticity of demand is? Options:
  A) 0.33
  B) 0.0001
  C) 1
  D) 10,000
  Show Answer
  The correct answer is C .