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 1791:

  The Economic Commission for Africa was set up by the_________

  Options:
  A) UNO
  B) ECOWAS
  C) OAU
  D) IMF
  Show Answer
  The correct answer is A .
• Question 1792: The efficiency of labour can be increased by? Options:
  A) constant training of workers
  B) retirement of workers on a regular basis
  C) engaging expatrirates only
  D) placing an embargo on recruitment
  Show Answer
  The correct answer is A .
• Question 1793:

  The full meaning of NAPEP is?

  Options:
  A) National Poverty Eradication Programme
  B) National Agency for Poverty and Education Program
  C) National Air Pollution and Environmental Purification
  D) None of the above
  Show Answer
  The correct answer is A .
• Question 1794: Which of the following defines Economics most comprehensively? Options:
  A) Buying and selling
  B) Organization and Industries
  C) study of human behaviour in the allocation of scarce resources
  D) National development planning and budgeting
  E) Banking and Insurance
  Show Answer
  The correct answer is C .
• Question 1795: The terms of trade are said to be favorable only if Options:
  A) Value of total exports equals value of total imports
  B) Value of merchandise exports is greater than value of merchandise imports
  C) There are no balance of payments problems
  D) There is an increase in the value of a unit of export in terms of imports
  E) Foreign exchange reserves do not change
  Show Answer
  The correct answer is D .
• Question 1796:

  The price mechanism______

  Options:
  A) Rations the consumers
  B) Rewards the producers
  C) Regulates supply and demand
  D) Allocates scarce resources.
  Show Answer
  The correct answer is C .
• Question 1797: An increase in supply will lower price unless? Options:
  A) supply is perfectly inelastic
  B) demand is perfectly inelastic
  C) it is followed by an increase in demand
  D) demand is highly inelastic
  Show Answer
  The correct answer is C .
• Question 1798: If the labour force in a given community is 2,000,000, in the wage employment 200,000 and the unemployed are 80,000, what is the unemployment rate in the community? Options:
  A) 0.4%
  B) 40.0%
  C) 10.0%
  D) 4.0%
  Show Answer
  The correct answer is B .
• Question 1799: In a normal (typical) demand schedule, the quantity demand is? Options:
  A) directly related to price
  B) inversely related to price
  C) independent of price
  D) proportional related to supply
  E) solely dependent on haggling skill
  Show Answer
  The correct answer is B .
• Question 1800: In a centrally planned economy, the economic problem of deciding what to produce is dependent on? Options:
  A) average profit
  B) state command
  C) average cost
  D) relative prices
  Show Answer
  The correct answer is C .