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 131: Entrepreneur is associated more with Options:
  A) capital management
  B) production of beverage
  C) profit making
  D) profit sharing
  E) risk bearing
  Show Answer
  The correct answer is E .
• Question 132: Balance of payment deficit in Nigeria CANNOT be solved by Options:
  A) importing more goods and services
  B) devaluation of the currency
  C) imposing import duties
  D) imposing import bans on some commodities
  Show Answer
  The correct answer is A .
• Question 133: According to the income approach to national income measurement, the national income of a country is equal to? Options:
  A) the value of all output produced in the country over the relevant period of time at market prices
  B) the value of output at factors cost
  C) the value added to production
  D) C +I + G
  Show Answer
  The correct answer is D .
• Question 134:

  

  Given an output of 3 units, the average revenue is

  Options:
  A) ₦16.00
  B) ₦18.00
  C) ₦20.00
  D) ₦24.00
  Show Answer
  The correct answer is B .
• Question 135:

  Petroleum 'glut' in international trade means______

  Options:
  A) Higher prices for the Consumption of petroleum.
  B) An Oversupply of petroleum.
  C) A fall in in petroleum production.
  D) A higher petroleum price offered by the buyer.
  Show Answer
  The correct answer is B .
• Question 136: Statistical information available in most West African countries suggests that? Options:
  A) the marginal propensity to save is high
  B) the marginal propensity to consume is high
  C) the consumption pattern is negative
  D) there exists perfect correlation between consumption and savings
  Show Answer
  The correct answer is B .
• Question 137:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 138: One of the effects of instability in farmer's income in Nigeria is Options:
  A) lack of infrastructural facilities
  B) rural-urban migration
  C) inadequate supply of fertilizer
  D) low level of technology
  Show Answer
  The correct answer is B .
• Question 139:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 140:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .