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 2101: The labour force of a country is determined by the Options:
  A) age structure of the population
  B) geographical distribution of the population
  C) sex distribution of the population
  D) number of people available for work
  Show Answer
  The correct answer is A .
• Question 2102: An association formed by a group of individuals solely for the marketing of their product is a Options:
  A) credit and thrift society
  B) consumer cooperative society
  C) producer cooperative society
  D) voluntary organization
  Show Answer
  The correct answer is C .
• Question 2103: Which of these is not usually the function of a wholesaler? Options:
  A) Transport
  B) Storage
  C) Advertising
  D) After-sale services
  E) Branding
  Show Answer
  The correct answer is E .
• Question 2104: Nigeria is currently implementing the? Options:
  A) third development plan
  B) second development plan
  C) fourth development plan
  D) fifth development plan
  Show Answer
  The correct answer is C .
• Question 2105: Which of the following is NOT an instrument in the money market? Options:
  A) Treasury bill
  B) Bill of exchange
  C) Stocks and shares
  D) Call money fund
  Show Answer
  The correct answer is C .
• Question 2106: Which one of the following functions of banks in Nigeria is reserved to the Central Bank? Options:
  A) Accepting deposits
  B) Serving as agents for payments
  C) Issuing bank-notes
  D) Lending to customers
  E) Purchasing and selling of stock exchange securities
  Show Answer
  The correct answer is C .
• Question 2107: If technology becomes less capital-intensive, it means? Options:
  A) an increase in the capital/labour ratio
  B) an increase in the capital/ratio
  C) a fall in the labour/capital ratio
  D) increased unemployment
  Show Answer
  The correct answer is B .
• Question 2108:

  

  A point P, the marginal rate of substitution is

  Options:
  A) less than one
  B) greater than one
  C) zero
  D) unity
  Show Answer
  The correct answer is A .
• Question 2109: Under normal circumstances a producer will bear the entire burden of taxation on his output if the? Options:
  A) demand for his product is completely elastic
  B) supply of his goods is more elastic than the demand
  C) demand for his product is more elastic than the supply
  D) production of his commodities is subject to diminishing returns
  E) production of his commodities is subject to increase returns to scale
  Show Answer
  The correct answer is A .
• Question 2110: A distinguishing characteristic of cooperative societies is that voting power depends on the? Options:
  A) number of shares held
  B) status of the member
  C) equality of members
  D) management's decision
  Show Answer
  The correct answer is C .