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:

  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 1562:

  

  In the diagram above, the consumer attains equilibrium at point

  Options:
  A) G
  B) H
  C) J
  D) K
  Show Answer
  The correct answer is D .
• Question 1563: One problem in the marketing of agricultural products in Nigeria is? Options:
  A) the seasonal nature of the commodities
  B) high price of the commodities
  C) the changing tastes of consumers
  D) inadequate storage facilities
  Show Answer
  The correct answer is D .
• Question 1564: When marginal cost equals marginal revenue of products Options:
  A) the firms is producing at a loss
  B) the firm is at a break-even point
  C) the firm is making the least profit
  D) the supplementary cost of the firm is highest
  E) the firm has maximum profit
  Show Answer
  The correct answer is B .
• Question 1565: Malthus became famous through his theory which may be stated simply Options:
  A) the death rate may become so high that people may not be able to produce
  B) population may outgrow the means of subsistence
  C) people will eventually decide not to have children
  D) migration of people from one place to another may leave some parts of the world barren
  E) all of the above
  Show Answer
  The correct answer is B .
• Question 1566: The main objectives of public expenditure does NOT include? Options:
  A) stabilization of national economy
  B) achievement of a more equitable income distribution
  C) meeting the social needs of the people
  D) revenue sharing and profit maximizationn
  Show Answer
  The correct answer is D .
• Question 1567: If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is Options:
  A) excise duties
  B) import duties
  C) quotas
  D) tariff
  Show Answer
  The correct answer is C .
• Question 1568: Localization of industries refers to the Options:
  A) spread of firms producing different products
  B) siting of industries near the market
  C) concentration of firms of an industry
  D) siting of firms producing different products
  Show Answer
  The correct answer is C .
• Question 1569:

  Use the information below to answer this question.

  Given that Q _d = 20 - 4P and Q = 6P + 12Determine the equilibrium quantity

  Options:
  A) 14.2
  B) 16.8
  C) 20.8
  D) 30.2
  Show Answer
  The correct answer is D .
• Question 1570: One of the effects of instability in farmer's income in Nigeria is Options:
  A) lack of infrastructural facilities
  B) rural-urban migration
  C) inadequate supply of fertilizer
  D) low level of technology
  Show Answer
  The correct answer is B .