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:

  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 1102: External economies are Options:
  A) The advantage accuring to a firm as a result of its expansion
  B) The advantages accuring to one firm as a result of the existence of other firms in the same locality
  C) Benefits derived by a firm as a result of its own individual policy
  D) Reaped only by agricultural firms
  E) Bound to increase the costs of production whatever the circumstances
  Show Answer
  The correct answer is B .
• Question 1103: In economic analysis, a statement is said to be normative if it? Options:
  A) relates to value judgement
  B) is incorrect
  C) can be tested scientifically
  D) is contradictory
  Show Answer
  The correct answer is A .
• Question 1104: Short-run period in production is a period too short for a firm to be able to change its Options:
  A) scale of operation
  B) total revenue
  C) total outputs
  D) variable inputs
  Show Answer
  The correct answer is A .
• Question 1105: Concentrating industries in one place is advantageous because there are gains in terms of? Options:
  A) external economies
  B) internal economies
  C) economies of scale
  D) cost economies
  Show Answer
  The correct answer is A .
• Question 1106: Which of the following is true about the value of money? Options:
  A) it varies inversely with the price level
  B) it varies directly with the price level
  C) it depreciates in the period of deflation
  D) it is not affected by the price level
  Show Answer
  The correct answer is A .
• Question 1107:

  

  Consider the table which shows output (O), total cost (TC) of production and marginal cost (MC) for a firm in a competitive market. Suppose price (P) = ₦12, what is the maximum profit the firm can make?

  Options:
  A) ₦2000.00
  B) ₦1200.00
  C) ₦1000.00
  D) ₦400.00
  Show Answer
  The correct answer is B .
• Question 1108: Which of the following is NOT an internal dis-economy of scales? Options:
  A) Easy management and less administrative cost
  B) large firm suffers from bureaucracy or red tapism
  C) less personal relationship between management and employees
  D) Motivation may be lacking in the large firm
  E) slow response to changes
  Show Answer
  The correct answer is A .
• Question 1109: Given the present state of the Nigerian economy, which of the following measures will promote a more rapid economic development? Options:
  A) Complete dependence on oil exports
  B) Concentration on agricultural exports
  C) Diversification of the economy
  D) Building of more schools and universities
  E) Introduction of nuclear energy in Nigeria
  Show Answer
  The correct answer is C .
• Question 1110: Which of the following is NOT a contribution of agriculture to industrial development? Options:
  A) provision of food for the industrial sector
  B) Provision of funds for industrial development
  C) Provision of raw materials
  D) Supply of labour to the industrial sector
  E) supply of machinery to the industrial sector
  Show Answer
  The correct answer is E .