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 101:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 102: An industry's supply curve is more likely to be elastic when firms are Options:
  A) enjoying free entry and exit
  B) operating at full capacity
  C) operating below capacity
  D) maximizing profits
  Show Answer
  The correct answer is A .
• Question 103: If the marginal propensity to consume is 0.75 and private investment increases by N10 billion while government expenditure decreases by N15 billion, GDP will decrease by? Options:
  A) N12 billion
  B) N15 billion
  C) N20 billion
  D) N25 billion
  Show Answer
  The correct answer is D .
• Question 104:

  Agriculture accounts for about 60% of the

  Options:
  A) commodity market in West Africa
  B) arable land in West Africa
  C) active labour force in West Africa
  D) service sector activities in West Africa
  Show Answer
  The correct answer is C .
• Question 105: The precautionary demand for money is determined by Options:
  A) the rate of interest
  B) the level of savings
  C) the level of income
  D) general price level
  Show Answer
  The correct answer is A .
• Question 106: The characteristic of entry and exit ensures that firms Options:
  A) earn excess profit
  B) earn normal profit
  C) break-even
  D) expand their operations
  Show Answer
  The correct answer is B .
• Question 107: Range is NOT the best method of measuring dispersion because it considers only the Options:
  A) first number
  B) first two numbers
  C) frequently occurred number
  D) middle number
  E) two extreme number
  Show Answer
  The correct answer is E .
• Question 108:

  A ............ in the price of the domestic currency in terms of a foreign currency is referred to as .............

  Options:
  A) Decrease, appreciation
  B) Increase, de-appreciation
  C) Decrease, depreciation
  D) Increase, consolidation
  Show Answer
  The correct answer is C .
• Question 109: A change in the pump price of petrol in Nigeria has a direct effect on the Options:
  A) prices of consumer goods
  B) prices of essential goods
  C) cost of raw materials
  D) cost of transportation
  Show Answer
  The correct answer is B .
• Question 110:

  Which of the following sets fully represents factors of production?

  Options:
  A) Sunlight, machinery, man, land
  B) Land, water, weather
  C) Money, market, middlemen
  D) Land, labour, capital, enterprise, technology
  Show Answer
  The correct answer is D .