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 1131: Development plans fail in Nigeria mainly because of Options:
  A) Corruption and political instability
  B) Over-dependence on foreign aid
  C) High cost of plan implementation
  D) Shortage of personnel
  Show Answer
  The correct answer is A .
• Question 1132:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 1133: A system in which the means of production is held in trust for the people by government is known as a? Options:
  A) socialist economy
  B) capitalist economy
  C) subsistence economy
  D) mixed economy
  Show Answer
  The correct answer is A .
• Question 1134: 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
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  The correct answer is A .
• Question 1135: the major objective of current campaign for family planning in Nigeria is to? Options:
  A) reduce the death rate
  B) limit the number of women a man can marry
  C) keep the population growth rate constant
  D) raise the standard of living of the population
  Show Answer
  The correct answer is D .
• Question 1136:

  Economics is often described as a science because it

  Options:
  A) employs the use of laboratory experiments
  B) use scientific methods to explain observed phenomena
  C) make use of controlled experiments
  D) engages accurate predication of human beings
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  The correct answer is B .
• Question 1137:

  $\begin{array}{cc}\text{Price N}& \text{Quantity sold}\\ 5& 15\\ 5& 16\\ 5& 17\\ 5& 18\end{array}$

  Marginal revenue is

  Options:
  A) N5
  B) N6
  C) N8
  D) N10
  Show Answer
  The correct answer is A .
• Question 1138: The first National development plan period was from Options:
  A) 1955-1959
  B) 1962-1968
  C) 1965-1970
  D) 1970-1974
  E) 1975-1980
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  The correct answer is B .
• Question 1139: A situation in which all inputs are doubled and output also doubles is known as? Options:
  A) constant proportions
  B) constant returns
  C) increasing returns to scale
  D) constant returns to scale
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  The correct answer is D .
• Question 1140: An upward movement along the same supply curve results in Options:
  A) an increase in supply
  B) a decrease in price
  C) a decrease in quantity supplied
  D) an increase in quantity supplied
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  The correct answer is D .