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 1561: If a refinery achieves a reduction in cost by purchasing and transporting crude oil in large quantities, it enjoys Options:
  A) economies of scale
  B) specialization
  C) division of labour
  D) diseconomies of scale
  Show Answer
  The correct answer is A .
• Question 1562: Guided deregulation as currently practised in Nigeria implies that Options:
  A) market force determine interest and exchange rates
  B) government alone determines interests and exchange rates
  C) market forces and government determine interest and exchange rates
  D) exchange rate is regulated while interest rate is fixed
  Show Answer
  The correct answer is C .
• Question 1563: Efficiency of labour implies Options:
  A) education and training
  B) good working condition
  C) healthier workforce
  D) increased productivity worker accompanied by improvement in the quality of output
  E) the amount of incentives or remuneration given to workers
  Show Answer
  The correct answer is D .
• Question 1564: When the federal government guarantees a loan for a state government, such a loan constitutes Options:
  A) a public debt
  B) a transferred debt
  C) a private debt
  D) an inter-governmental debt
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  The correct answer is A .
• Question 1565:

  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 1566:

  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 1567:

  An upward movement along the same supply curve result in_____________

  Options:
  A) a decrease in price
  B) an increase
  C) an increase in quantity supplied
  D) a decrease In quantity supplied
  Show Answer
  The correct answer is C .
• Question 1568: One of the assumptions of the cardinalist approach is Options:
  A) diminishing marginal rate of substitution
  B) the consistency and transitivity of choice
  C) that total utility depends on the quantity of the commodities consumed
  D) unstable marginal utility of money
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  The correct answer is C .
• Question 1569:

  An economy system that uses what is regarded as the "Market mechanism" is called_______

  Options:
  A) Mixed economy
  B) Socialism
  C) Command economy
  D) Capitalism
  Show Answer
  The correct answer is D .
• Question 1570: Short-run period in production is a period too short for a firm to be able to change its Options:
  A) scale of operation
  B) total revenue
  C) total outputs
  D) variable inputs
  Show Answer
  The correct answer is A .