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 1391:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1392:

  John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________

  Options:
  A) marginal physical productivity
  B) marginal income productivity
  C) consumer's surplus
  D) economic rent
  Show Answer
  The correct answer is D .
• Question 1393:

  

  Using the table calculate the net income

  Options:
  A) ₦58m
  B) ₦54m
  C) ₦50m
  D) ₦46m
  Show Answer
  The correct answer is D .
• Question 1394: The first oil refinery in Nigeria was established at Options:
  A) Alesa Eleme
  B) Araromi
  C) Kaduna
  D) Oloibiri
  E) Warri
  Show Answer
  The correct answer is D .
• Question 1395: 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 1396: The crucial factors which determine the location of petroleum refineries in Nigeria are availability of raw materials and? Options:
  A) capital
  B) political consideration
  C) nearness to source of power
  D) labour
  Show Answer
  The correct answer is B .
• Question 1397: The value of money is affected by Options:
  A) consumer’s income
  B) effective demand
  C) effective supply
  D) equilibrium price
  E) general price level
  Show Answer
  The correct answer is E .
• Question 1398:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 1399: At every point on a indifference curve, the Options:
  A) total utility is decreasing
  B) prices of all goods are constant
  C) consumer is satiated
  D) level of utility is constant
  E) level of utility is increasing
  Show Answer
  The correct answer is D .
• Question 1400: Which of the following is NOT a major role of OPEC in production, and marketing of petroleum? Options:
  A) Coordinating and unifying petroleum policies of member countries
  B) Ensuring efficient and regular supply of oil to the two market
  C) Raising the revenue of member countries from oil through price increase
  D) Refining of petroleum products in member countries
  E) Stabilizing oil prices putting a production ceiling
  Show Answer
  The correct answer is D .