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 1201: One of the problems facing the Nigerian oil and gas industry is____________________? Options:
  A) Over-capacity utilization
  B) The discovery of alternative oil sources
  C) Shortage of indigenous manpower
  D) The excess supply of petroleum products
  Show Answer
  The correct answer is C .
• Question 1202: For an economy which last year produced only two commodities X and Y, the real cost of the quantity of X which it produced can be measured by the? Options:
  A) amount of X it could not produced
  B) amount of Y it produced
  C) total amount of Y it could have produced
  D) extra amount of Y it could have produced
  Show Answer
  The correct answer is C .
• Question 1203: If you do not have to give anything in order to get a particular thing, then its opportunity cost is? Options:
  A) zero
  B) not measurable
  C) its price in money
  D) infinite
  E) equal to one
  Show Answer
  The correct answer is A .
• Question 1204: Production is said to be completed when? Options:
  A) goods and services reach the consumers
  B) prices of goods and services are determined
  C) goods are sold to the wholesaler
  D) goods are packaged
  Show Answer
  The correct answer is A .
• Question 1205:

  

  From the graph above, R represents

  Options:
  A) marginal cost
  B) total cost
  C) variable cost
  D) fixed cost
  Show Answer
  The correct answer is C .
• Question 1206:

  Government uses all of the following ways to redistribute income, except

  Options:
  A) Market intervention
  B) Transfer earnings
  C) Limited liability
  D) Taxation
  Show Answer
  The correct answer is C .
• Question 1207: The primary goal of development planning in Nigeria is to? Options:
  A) increase profitability of enterprises
  B) achieve a rapid increase in the welfare and standard of living of Nigerians
  C) increase the level of gross domestic product
  D) make Nigeria a super-power
  Show Answer
  The correct answer is B .
• Question 1208:

  

  From the Diagram above, the optimal point of production is

  Options:
  A) R
  B) T
  C) U
  D) S
  Show Answer
  The correct answer is D .
• Question 1209:

  A company's expenditure on raw materials is regarded as?

  Options:
  A) explicit cost
  B) implicit cost
  C) prime cost
  D) average cost
  Show Answer
  The correct answer is A .
• Question 1210: By balance of visible trade we mean? Options:
  A) import and export of goods
  B) import and export of service
  C) balance of current account in the balance of payment
  D) balance of capital account in the baalance of payment
  E) all of this
  Show Answer
  The correct answer is A .