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 1241:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 1242: The difference between birth and death rates of a given population is referred to as the Options:
  A) mortality rate
  B) fertility rate
  C) natural growth rate
  D) linear growth rate
  Show Answer
  The correct answer is C .
• Question 1243: A sugar industry is best located near the source of Options:
  A) labour
  B) raw materials
  C) power
  D) capital
  Show Answer
  The correct answer is A .
• Question 1244: An indigenous company wholly owned by the federal government of Nigeria which currently engaged in prospecting for oil is? Options:
  A) the Nigerian National Oil Company
  B) Peak Petroleum Industries Nigeria Limited
  C) Nigeria Exploration and Production Company
  D) the Nigeria National Petroleum Corporation
  Show Answer
  The correct answer is D .
• Question 1245: In a regulated market, price is determined by Options:
  A) consumers
  B) producers
  C) auction
  D) government
  Show Answer
  The correct answer is D .
• Question 1246: Which of these is NOT a bottle neck In the distribution of goods In Nigeria? Options:
  A) Adequate transportation network
  B) Inadequate credit facilities
  C) Inadequate storage facilities
  D) poor processing and packaging
  E) Unnecessary hoarding
  Show Answer
  The correct answer is A .
• Question 1247:

  

  Find the mean price of the distribution.

  Options:
  A) N54
  B) N51
  C) N56
  D) N59
  Show Answer
  The correct answer is B .
• Question 1248: A country achieves economic development when there is Options:
  A) an increase in military expenditure
  B) an increase in capacity utilization
  C) a sustained increase in per capital income
  D) an even distribution of goods and services
  Show Answer
  The correct answer is C .
• Question 1249: Marginal cost is Options:
  A) Lowest cost of producing goods
  B) The cost of production of the most efficient firm in the industry
  C) Cost of production of the most inefficient firm in the industry
  D) The cost of production of the last or extra unit of goods produced by a firm
  E) The cost of production at which the minimum profit is obtained by a firm
  Show Answer
  The correct answer is D .
• Question 1250: If goods were free, a rational consumer would consume? Options:
  A) an infinite amount of each good
  B) the amount where marginal utility became zero
  C) the same amount as when each good had a price
  D) the amount where marginal utility was the highest
  Show Answer
  The correct answer is D .