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 1551: Disposable income is the same thing as Options:
  A) personal income minus personal savings
  B) personal inome minus taxes
  C) national income minus depriciation
  D) exports minus imports
  E) savings plus investments
  Show Answer
  The correct answer is B .
• Question 1552:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 1553:

  One of the advantages of large - scale production is that

  Options:
  A) There is a rise in the cost of administration
  B) Consumers sacrifice their individual tastes
  C) The firm can use labour - saving machinery
  D) The demand for a firm's products become localized
  E) Decision making takes a long time because different levels of management are involved
  Show Answer
  The correct answer is C .
• Question 1554: If Nigeria imports vehicles from Japan the transaction will appear as a Options:
  A) debit on Japan's balance of payments
  B) credit on Japan's balance of payments
  C) credit on Nigeria's balance of trade
  D) credit on Nigeria's balance of payment
  Show Answer
  The correct answer is B .
• Question 1555: Average fixed cost is Options:
  A) Average total cost less the sum of average variable cost
  B) Half the sum of all costs
  C) Total fixed cost divided by the level of output
  D) Total fixed cost plus marginal cost
  Show Answer
  The correct answer is C .
• Question 1556: Which of the following is NOT include in measuring national income by the income approach? Options:
  A) Wages and salaries of public servant
  B) student grants and scholarship
  C) Profit of companies
  D) income earned by self employed persons such as lawyers
  E) Rents on property
  Show Answer
  The correct answer is B .
• Question 1557: Consumer surplus tends to be higher when demand is Options:
  A) inelastic
  B) perfectly elastic
  C) elastic
  D) unitarily elastic
  Show Answer
  The correct answer is C .
• Question 1558: One of the features of a free market economy is that? Options:
  A) resources are directed by the price mechanism
  B) workers do not earn equal wages
  C) the profit motive is serverly constrained
  D) descisions on the economy are taken by bureaucratic structures
  Show Answer
  The correct answer is A .
• Question 1559: A rightward shift in the production possibility frontier may be due to Options:
  A) Use of inferior inputs
  B) Inefficiency
  C) Improvement in production techniques and practices
  D) Changes in the product mix
  E) Changes in consumer's tastes and preferences
  Show Answer
  The correct answer is C .
• Question 1560: Which of the following classes of goods accounts for largest proportion of Nigeria's imports? Options:
  A) Food and animal products
  B) Consumers goods
  C) Chemicals
  D) Machinery and transport equipment
  Show Answer
  The correct answer is D .