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 1301: Public debt is composed of? Options:
  A) internal debts and World Bank loans
  B) money owed to local and foreign contractors
  C) internal and external debts
  D) loans granted by IMF and ADB
  Show Answer
  The correct answer is C .
• Question 1302: The land tenure system in Nigeria impedes agricultural production because? Options:
  A) land fragmentation makes possible easy access to land ownership
  B) it discourages specialization of factors of production
  C) it limits opportunity for mass production of agricultral goods
  D) small land holders generally do not get enough fertilizer to use
  Show Answer
  The correct answer is C .
• Question 1303:

  

  The curves D_o D_o and S_oS_o are the demand and supply curves respectively. What happens when government subsidizes producers in order to boost output?

  Options:
  A) The supply curve will shift from S_oS_o to S₂S₂
  B) The supply curve will shift from S_oS_o to S₁S₁
  C) The supply curve will shift fromS ₂S₂ to S₁S₁
  D) The supply curve will shift from S₁S₁ to S_oS_o
  E) The demand curve will shift from D_oD_o to D₁D₁
  Show Answer
  The correct answer is A .
• Question 1304: The monetization policy is an offshoot of Options:
  A) NEEDS
  B) SAP
  C) PAYE
  D) MDGs
  Show Answer
  The correct answer is A .
• Question 1305: Nigeria's exports usually comprise Options:
  A) consumer goods
  B) capital goods
  C) intermediate goods
  D) primary goods
  Show Answer
  The correct answer is D .
• Question 1306: Which of the following can cause oil glut in the International market? Options:
  A) Excess demand over supply
  B) Under- capacity utilization
  C) Excess supply over demand
  D) Economic boom
  Show Answer
  The correct answer is C .
• Question 1307: What is the most important factor influencing the location of the iron and steel industry at Ajaokuta? Options:
  A) Availability of labour in the area
  B) Acces to transport facilities
  C) Nearness of raw materials
  D) Availability of power
  E) Nearness of Technical and Engineering School
  Show Answer
  The correct answer is C .
• Question 1308:

  Market Schedules for Milk:

  Price per tin	Quantity demanded (tins)	Quantity supplied (tins)
  8k	25,000	7,500
  10k	23,000	9,000
  13k	20,000	11,500
  15k	18,000	13,000
  18k	15,000	15,000
  20k	13,000	17,500
  23k	10,000	21,000
  25k	8,000	24,000

  From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are

  Options:
  A) 15k, 13,000
  B) 20k, 17,500
  C) 13k, 20,000
  D) 18k, 18,000
  E) 18k, 15,000
  Show Answer
  The correct answer is E .
• Question 1309: Given the present state of the Nigeria economy,which of the following measures will promote 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) Introductionn of nuclear energy in Nigeria
  Show Answer
  The correct answer is C .
• Question 1310: Output restriction, fixing of prices, creating obstacles to free entry into the market are features of? Options:
  A) pure monopoly
  B) perfect monopoly
  C) perfect competition
  D) monopsonist competition
  Show Answer
  The correct answer is A .