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 1951:

  Firms are often set up close to each other in order to take advantage of?

  Options:
  A) supply of skilled labour
  B) agglomeration economies
  C) internal economies of scale
  D) external economies of scale
  Show Answer
  The correct answer is D .
• Question 1952:

  

  If the contribution of the oil sector is ₦3.6 million, what is the contribution of the other sectors?

  Options:
  A) ₦10.8 million
  B) ₦7.2 million
  C) ₦3.6 million
  D) ₦2.4 million
  Show Answer
  The correct answer is B .
• Question 1953: Which of the following is likely to hinder labour mobility in Nigeria? Options:
  A) Higher wages elsewhere
  B) Cultural similarities
  C) Good accommodation elsewhere
  D) Ignorance of job opportunities elsewhere
  Show Answer
  The correct answer is B .
• Question 1954: Public enterprises are supported on the grounds that they are undertaken for Options:
  A) increasing profit of the private sector
  B) reducing the burden of the private sector
  C) improving the welfare of the people
  D) earning profit for the people
  E) earning profit for the government
  Show Answer
  The correct answer is C .
• Question 1955:

  Supply is________

  Options:
  A) A stock
  B) A Flow
  C) Constant
  D) A table
  Show Answer
  The correct answer is B .
• Question 1956: The degree of specialization is limited by the Options:
  A) avalibility of specialized skills and machinery
  B) marginal cost exceeding marginal revenue
  C) extent of the market
  D) disadvantage of standardization
  Show Answer
  The correct answer is A .
• Question 1957:

  

  If the national income is 60m, the contribution of the manufacturing sector is

  Options:
  A) 12m
  B) 9m
  C) 18m
  D) 17m
  Show Answer
  The correct answer is C .
• Question 1958: Comparison of the price and output decisions of a perfectly competitive firm with those of a monopolist shows that the? Options:
  A) monopolist charges a lower price than the perfect competitior
  B) perfect competitior charges a lower price and produces a large output than the monopolist
  C) perfect competitior produces a smaller output than the monopolist
  D) monopolist charges a lower price and produces a larger output than the perfect competitor
  Show Answer
  The correct answer is B .
• Question 1959: Economic goods are termed scarce goods when they are? Options:
  A) not available in sufficient quantities to satisfy all wants for them
  B) not produced in sufficient quantities to satisfy the effefctive demand for them
  C) of high quality
  D) of primary importance in satisfying the needs of a society
  Show Answer
  The correct answer is A .
• Question 1960:

  The effects on the demand for product A caused by a change in the price of product B is Called____________

  Options:
  A) Joint demand
  B) cross-elasticity of demand
  C) elasticity of supply
  D) competitive demand
  Show Answer
  The correct answer is A .