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 1441: Which of the following factors will NOT affect supply of maize in Nigeria? Options:
  A) Extension services to farmers
  B) Improve technology
  C) Price of maize
  D) Quantity of wheat produced
  E) Weather and climatic condition
  Show Answer
  The correct answer is D .
• Question 1442: If birth rate is constant and death rate declines, population? Options:
  A) falls
  B) expands
  C) stabilizes
  D) oscilates
  Show Answer
  The correct answer is B .
• Question 1443: Opportunity cost is a term which describe Options:
  A) The initial cost of setting up a business venture
  B) Cost of one product in terms of foregone production of others
  C) The monetary equivalent of the utility of commodity
  D) Cost related to an optimum level of production
  E) Implicit cost
  Show Answer
  The correct answer is B .
• Question 1444: Which is NOT an important factor responsible for high concentration of population in some part of Nigeria? Options:
  A) Climate influences
  B) Development of trade and markets
  C) Soil fertility
  D) Processing of petroleum oil
  E) Concentration of educational facilities
  Show Answer
  The correct answer is D .
• Question 1445: In the long run, all production factors are? Options:
  A) fixed
  B) semi fixed
  C) variable
  D) semi-variable
  Show Answer
  The correct answer is C .
• Question 1446: Industries tend to be located closer to market centers than to the sources of major raw materials if the? Options:
  A) products are relatively cheap to transport to market centers
  B) products are relatively more expensive to transport than the major raw materials
  C) raw marterials are bulky
  D) raw marterials can also be imported
  Show Answer
  The correct answer is B .
• Question 1447: Long-term funds for investment projects are sourced from the Options:
  A) money market
  B) commodity market
  C) foreign exchange market
  D) capital market
  Show Answer
  The correct answer is D .
• Question 1448: The comparison of the standard of living between Nigeria and Ghana is best down through the use of Options:
  A) gross domestic product
  B) gross National incomes
  C) Net disposable income
  D) Net National income
  E) per capita income
  Show Answer
  The correct answer is E .
• Question 1449: In the long run, one of the characteristics of monopolistic competitive firms is that they Options:
  A) make abnormal profits
  B) suffer losses
  C) make normal profits
  D) collude with each other
  Show Answer
  The correct answer is C .
• Question 1450:

  (i) What and how much will be produced

  (ii) How will it be produced

  (iii) For whom will it be produced

  (IV) How much will be exported and consumed?

  From the above, identify the combination of basic resource allocation questions in economic analysis.

  Options:
  A) i, ii and iii
  B) i, ii and iv
  C) i, iii and iv
  D) ii, iii and iv
  Show Answer
  The correct answer is A .