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 1541: Economics may be defined as? Options:
  A) the study of money and banking
  B) the study of markets and prices
  C) the study of production and distribution
  D) the study of human behaviour in the allocation of scarce resources
  E) the study of the employment of labour, land, and capital
  Show Answer
  The correct answer is D .
• Question 1542: Upstream oil activities involve the Options:
  A) exploration of crude oil
  B) refining of crude oil
  C) marketing of finished products
  D) management of pollution
  Show Answer
  The correct answer is A .
• Question 1543: Economic development is defined as? Options:
  A) positive change plus growth
  B) avalibility of more goods and services
  C) outward shift of the production possibility curve
  D) growth in the national income
  Show Answer
  The correct answer is D .
• Question 1544: The higher the price of capital relative to the price of labour, the more production techniques should be? Options:
  A) labour-intensive
  B) capital-intensive
  C) fixed
  D) technology-intensive
  Show Answer
  The correct answer is B .
• Question 1545: A strategy for curbing unemployment is to Options:
  A) implement government stabilization policy
  B) increase taxes and decrease government expenditure
  C) increase government expenditure and decrease taxes
  D) ensure even distribution of job opportunities
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  The correct answer is C .
• Question 1546: Comparative cost doctrine of international trade means specialization in production Options:
  A) according to absolute cost advantage
  B) according to absolute cost disadvantage
  C) according to comparative cost disadvantage
  D) according to comparative cost advantage
  E) on the basis of the availability of labour
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  The correct answer is D .
• Question 1547: An industry's supply curve is more likely to be elastic when firms are Options:
  A) enjoying free entry and exit
  B) operating at full capacity
  C) operating below capacity
  D) maximizing profits
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  The correct answer is A .
• Question 1548:

  

  If the GDP is ₦60 billion, what is the difference between the contributions of oil and manufacturing sectors?

  Options:
  A) ₦11.7 billion
  B) ₦13.3 billion
  C) ₦21.7 billion
  D) ₦26.6 billion
  Show Answer
  The correct answer is C .
• Question 1549: The law of variable proportions is applicable only Options:
  A) in the long-run period
  B) to large-scale enterprises
  C) to small-scale enterprises
  D) in the short-run period
  Show Answer
  The correct answer is A .
• Question 1550:

  The problem of conducting census include

  Options:
  A) high rate of rural-urban migration
  B) poor geographical distribution of population
  C) high birth rate in the country
  D) poor town planning in urban areas
  Show Answer
  The correct answer is D .