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 1481: In Nigeria, revenue sharing from the federation Account is between the? Options:
  A) executive, the judiciary and the legislature
  B) federal and state governments and the parastatals
  C) federal and state governments and the senate
  D) federal, state and local governments
  Show Answer
  The correct answer is D .
• Question 1482: One of the characteristics of private enterprises is ______? Options:
  A) Provision of welfare to the citizens
  B) That tax payers bear all the risks
  C) Public ownership of shares
  D) Individual funding of business activities
  Show Answer
  The correct answer is D .
• Question 1483: A budget deficit means Options:
  A) That a country is buying more than is selling
  B) That a country is selling more than is buying
  C) That a government is spending more than in takes in taxation
  D) That a government is spending less than it takes in taxation
  E) That a government is spending as much as it takes in taxation
  Show Answer
  The correct answer is C .
• Question 1484: On the basis of the contribution to employment, the most important economic sector in West African is? Options:
  A) industry
  B) agriculture
  C) construction
  D) commerce
  Show Answer
  The correct answer is D .
• Question 1485: An imperfect market in which there is only one buyer of a commodity is? Options:
  A) monopsony
  B) oligopoly
  C) monoploy
  D) duopoly
  Show Answer
  The correct answer is A .
• Question 1486:

  

  In the pie chart below, the percentage for children is equivalent to

  Options:
  A) 288^o
  B) 720^o
  C) 90^o
  D) 144^o
  Show Answer
  The correct answer is D .
• Question 1487: The petro- chemical industries are located in the River State of Nigeria due to? Options:
  A) favourable climate
  B) favourable soil
  C) oil deposits
  D) palm oil products
  E) coal deposit
  Show Answer
  The correct answer is C .
• Question 1488: In Nigeria, the location of a steel industry at Ajaokuta is due to Options:
  A) the availability of transport ntwork
  B) the proximity to source of power
  C) the proximity to large deposits of iron ore
  D) political consideration
  Show Answer
  The correct answer is C .
• Question 1489:

  

  What is the marginal productivity when the number of workers is increased from 2 to 3?

  Options:
  A) 8kg
  B) 20kg
  C) 60kg
  D) 180kg
  Show Answer
  The correct answer is A .
• Question 1490: The monetary control instrument most effectively used by the Central Bank of Nigeria is the Options:
  A) open market operations
  B) margin requirment
  C) reserve ratio
  D) discount rate
  Show Answer
  The correct answer is A .