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 1511:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 1512: The main function of NNPC is to Options:
  A) oversee the development of the oil sector
  B) develop the oil producing area
  C) fix the price of products
  D) ensure regular supply of products
  Show Answer
  The correct answer is A .
• Question 1513: The following are types of monopolies EXCEPT Options:
  A) cartels
  B) holding companies
  C) syndicates
  D) thrifts
  E) trusts
  Show Answer
  The correct answer is D .
• Question 1514: A major impediment to the development of agriculture in Nigeria is Options:
  A) land use system
  B) inadequate supply of farm inputs
  C) low income of farmers
  D) limited research on seedlings
  Show Answer
  The correct answer is B .
• Question 1515: From an economic point of view, an activity does not have a cost when Options:
  A) someone else pays for it
  B) the returns are greater than the cost
  C) the choice involves giving up nothing
  D) the government pays for it
  E) it is paid for from a gift
  Show Answer
  The correct answer is C .
• Question 1516:

  

  If the national income is 60m, the contribution of the manufacturing sector is

  Options:
  A) 12m
  B) 9m
  C) 18m
  D) 17m
  Show Answer
  The correct answer is C .
• Question 1517: Upstream oil activities involve the Options:
  A) management of pollution
  B) marketing of refined products
  C) exploration of crude oil
  D) refining of crude oil
  Show Answer
  The correct answer is C .
• Question 1518: Industries contribute to national economic development because they? Options:
  A) utilize local raw materials
  B) employ an increase number of labour
  C) provide recreational facilities
  D) use modern machines which replace human labour
  Show Answer
  The correct answer is A .
• Question 1519: In any set of data, median represents the Options:
  A) value that is most representative of the data
  B) mid-position when the values are arranged in ascending or descending order
  C) mid-position when the values are arranged randomly
  D) difference between the highest and the lowest values when arranged in ascending order
  Show Answer
  The correct answer is B .
• Question 1520: A firm achieves least cost in production by substituting factors until Options:
  A) their factor prices are equal
  B) their marginal-physical products are each equal to their factor prices
  C) their marginal-physical products are each zero
  D) the ratio of their marginal-physical products equals the ratio of their prices
  Show Answer
  The correct answer is C .