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 1231: Which of the following is a transfer payment? Options:
  A) Dividend to a shareholder
  B) Gift to a mothers less babies' home
  C) Salary to a worker
  D) Rent to a landlord
  Show Answer
  The correct answer is A .
• Question 1232: Which of the following is NOT directly concerned with dealings in treasury bills? Options:
  A) The stock exchange
  B) The Central bank
  C) Commercial banks
  D) Discount houses
  Show Answer
  The correct answer is D .
• Question 1233: The law of variable proportions is applicable only Options:
  A) in the long-run period
  B) to large-scale enterprises
  C) to small-scale enterprises
  D) in the short-run period
  Show Answer
  The correct answer is A .
• Question 1234: The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as? Options:
  A) industrialization
  B) export-promotion
  C) import-substitution
  D) export--substitution
  E) import-expansion
  Show Answer
  The correct answer is C .
• Question 1235: 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 1236: A commodity is said to have a derived demand when the commodity Options:
  A) and another have joint demand
  B) is demanded because of what it can help to produce
  C) is demanded for different purposes
  D) has inelastic demand
  Show Answer
  The correct answer is B .
• Question 1237:

  The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?

  Options:
  A) $ 90.00
  B) $ 180.00
  C) $ 324.00
  D) $ 350.00
  Show Answer
  The correct answer is C .
• Question 1238: The major problem of conducing a census in Nigeria is Options:
  A) inadequate skilled personnel
  B) financial constraint
  C) urban congestion
  D) lack of political will
  Show Answer
  The correct answer is D .
• Question 1239:

  

  The shaded triangle in the diagram above is known as

  Options:
  A) excess supply
  B) consumer surplus
  C) excess consumption
  D) producer surplus
  Show Answer
  The correct answer is B .
• Question 1240: If a person receives a higher wage than would be necessary to induce him to work, he is said to be receiving Options:
  A) rent
  B) profit
  C) interest
  D) surtax income
  Show Answer
  The correct answer is D .