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 2151: When the import of a commodity is limited to a definite quantity by using a trade control method, this is known as Options:
  A) tariffs
  B) quotas
  C) exchnge control
  D) devaluation
  E) revaluation
  Show Answer
  The correct answer is B .
• Question 2152: Utility of a commodity means? Options:
  A) its usefulness
  B) power to satisfy a want
  C) price of the commodity
  D) satisfaction derived from the product of commodity
  E) its adaptability
  Show Answer
  The correct answer is D .
• Question 2153: For a supply curve, an increase in the price of a commodity will result in? Options:
  A) a decrease in supply
  B) a decrease in the quantity supplied
  C) an increase in supply
  D) an increase in the quantity supplied
  Show Answer
  The correct answer is D .
• Question 2154:

  Cooperative societies are formed mainly to

  Options:
  A) assist producers to maximize their profits
  B) encourage thrift and credit among members
  C) promote and maintain the welfare of members
  D) break the monopolies of private companies
  Show Answer
  The correct answer is C .
• Question 2155:

  All of the following describes conditions necessary for existence of a perfect market EXCEPT

  Options:
  A) lack of homogeneity of goods
  B) perfect knowledge
  C) large buyers and sellers
  D) portability of goods
  Show Answer
  The correct answer is A .
• Question 2156: The economic policy of deregulation is aimed at encouraging? Options:
  A) a monopolistic market structure
  B) a duopolistic market structure
  C) a competitive market structure
  D) an oligopolistic market structure
  Show Answer
  The correct answer is C .
• Question 2157: Industries that can be randomly located are characterized by? Options:
  A) relatively low transport cost for both raw materials and output and factor mobility
  B) relatively heavy transport cost for raw material or output
  C) constant returns to scale
  D) signficant economy of scale
  Show Answer
  The correct answer is A .
• Question 2158: The fundamental problem of Economics is? Options:
  A) money
  B) poverty
  C) unemployment
  D) the scarcity of resources relative to wants
  E) inflation
  Show Answer
  The correct answer is D .
• Question 2159: The Malthusian theory of population growth is often said to be? Options:
  A) ambiguous
  B) oversimplified
  C) pessimistic
  D) optimistic
  Show Answer
  The correct answer is C .
• Question 2160: An important factor hindering the rapid development of the industrial sector in Nigeria is Options:
  A) rural-urban migration
  B) excessive demand for finished products
  C) inadequate infrastructural facilities
  D) the dominace of the oil sector
  Show Answer
  The correct answer is C .