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 1091: The form of capital which is usually consumed or transformed into finished goods and services in the production process is called? Options:
  A) industrial capital
  B) social capital
  C) fixed capital
  D) circulating capital
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  The correct answer is D .
• Question 1092: The unit of satisfaction dived from the consumption of an additional unit of a commodity is known as Options:
  A) average utility
  B) marginal cost
  C) marginal product
  D) marginal utility
  E) total utility
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  The correct answer is D .
• Question 1093: Government can boost agricultural output in Nigeria primarily by Options:
  A) embarking on buffer stock programmes
  B) placing embargo on food importation
  C) granting subsidies on farm inputs
  D) placing farmers on monthly income
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  The correct answer is C .
• Question 1094:

  Economists refer to private goods as

  Options:
  A) rivalrous and non-excludable
  B) rivalrous and excludable
  C) non rival and non- excludable
  D) non rival and excludable
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  The correct answer is B .
• Question 1095: Statutory organisations usually established by Acts of Parliament are called Options:
  A) public corporations
  B) cooperative societies
  C) joint-stock companies
  D) public enterprises
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  The correct answer is A .
• Question 1096: The most important advantage of co-operative societies is? Options:
  A) their high degree of democracy
  B) the increase inthe cost of marketing
  C) that member are encouraged to save money
  D) the possibility of raising loans for the members
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  The correct answer is D .
• Question 1097:

  Collectivism refers to the management of state enterprises in a?

  Options:
  A) mixed economy
  B) co-operative organizations
  C) capitalist economic system
  D) socialist economy
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  The correct answer is D .
• Question 1098: The situation whereby the government of a country spends more than its budgets for a given financial year is known as Options:
  A) surplus budget
  B) deficit budget
  C) balanced budget
  D) minus budget
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  The correct answer is B .
• Question 1099: A continuous increase in national income accompanied by the structural transformation of all indices is called Options:
  A) economic planning
  B) economic growth
  C) economic reforms
  D) economic development
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  The correct answer is D .
• Question 1100: Which of the following is the correct order in the chain of distribution? Options:
  A) Consumer —> Distributor → Retailer → Producer
  B) Producer → Consumer → Retailer → Wholesaler
  C) Producer → Wholesaler → Retailer → Consumer
  D) Retailer → Consumer → Producer → Wholesaler
  E) Wholesaler → Retailer → Producer → Consume
  Show Answer
  The correct answer is C .