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: Upstream oil activities involve the Options:
  A) management of pollution
  B) marketing of refined products
  C) exploration of crude oil
  D) refining of crude oil
  Show Answer
  The correct answer is C .
• Question 102:

  

  What is the percentage contribution of services to the national income?

  Options:
  A) 15%
  B) 10%
  C) 54%
  D) 24%
  Show Answer
  The correct answer is A .
• Question 103: If a monopolist is incurring short-run losses, this means that his Options:
  A) selling price is above the short-run marginal cost
  B) selling price is below the short-run marginal cost
  C) average revenue is greater than marginal revenue
  D) average reveune is less than marginal revenue
  Show Answer
  The correct answer is B .
• Question 104: If the marginal propensity to consume is 0.6 and consumption expenditure changes by N10 million, the equilibrium level of income will change by Options:
  A) N4.0 milion
  B) N25. 0 milion
  C) N2.5 milion
  D) N15.0 milion
  Show Answer
  The correct answer is B .
• Question 105: Creeping inflation implies that there is a? Options:
  A) gentle and persistent increase in the general price level
  B) rapid and persistent increase in the general price level
  C) gentle but not permanent increase in the general price level
  D) rapid but not permanent increase in the general price level
  Show Answer
  The correct answer is A .
• Question 106: The necessity of choice is due to the fact that? Options:
  A) human wants are insatiable
  B) consumers like to maximize satisfaction
  C) resources are abundant
  D) consumers are selective
  Show Answer
  The correct answer is A .
• Question 107:

  Division of Labour is limited by the________

  Options:
  A) Size of labour firm
  B) Availability of raw material
  C) Size of the labour force
  D) Absolute size of the country's population
  Show Answer
  The correct answer is C .
• Question 108:

  

  From the table calculate the national income

  Options:
  A) ₦18,500m
  B) ₦19,000m
  C) ₦19,500m
  D) ₦20,500m
  Show Answer
  The correct answer is B .
• Question 109: Because most of her crude oil is exported, the foreign exchange earnings and the forward linkage effects Nigeria realize from her oil production are? Options:
  A) both high
  B) respectively high and low
  C) respectively low and high
  D) both low
  Show Answer
  The correct answer is B .
• Question 110: The shares that must be redeemed first at liquidation of a company are? Options:
  A) preference shares
  B) non-voting ordinary shares
  C) ordinary shares
  D) debentures
  Show Answer
  The correct answer is A .