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 1101: National development plans in Nigeria fail mainly because of Options:
  A) overdependence on foreign aids
  B) inadequate funding of projects
  C) poor implementation strategies
  D) shortage of skilled manpower
  Show Answer
  The correct answer is C .
• Question 1102: 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 1103: One of the factors affecting the supply of manufactured goods is Options:
  A) Weather
  B) Technology
  C) Consumer tastes
  D) Availability of inputs
  Show Answer
  The correct answer is B .
• Question 1104: One of the causes of the present high rate of inflation in Nigeria is Options:
  A) increasing budget surplus
  B) increasing factor costs
  C) exchange rate appreciation
  D) high capacity utilization
  Show Answer
  The correct answer is C .
• Question 1105: A well conducted census is important for? Options:
  A) effective defence
  B) effective revenue generation
  C) good economic planning
  D) optimum population
  Show Answer
  The correct answer is C .
• Question 1106: Economic growth is different from economic development because economic growth Options:
  A) describes expansion and change
  B) is measurable but not objective
  C) describes expansion and not change
  D) is not measurable but objective
  Show Answer
  The correct answer is C .
• Question 1107: 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 1108: A central argument of cardinal utility is that utility is? Options:
  A) measurable
  B) psychological
  C) ranked
  D) intangible
  Show Answer
  The correct answer is A .
• Question 1109: One of the ways of improving the marketing of agricultural produce is by Options:
  A) Reviewing the land tenure system
  B) Ensuring even distribution of farm inputs
  C) Embarking on irrigation farming
  D) Establishing agricultural marketing boards
  Show Answer
  The correct answer is D .
• Question 1110:

  

  The difference in each country's total output on specification is

  Options:
  A) 16000 units
  B) 9000 units
  C) 8000 units
  D) 7000 units
  Show Answer
  The correct answer is D .