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 1581: Which of the following is NOT a major role of OPEC in production, and marketing of petroleum? Options:
  A) Coordinating and unifying petroleum policies of member countries
  B) Ensuring efficient and regular supply of oil to the two market
  C) Raising the revenue of member countries from oil through price increase
  D) Refining of petroleum products in member countries
  E) Stabilizing oil prices putting a production ceiling
  Show Answer
  The correct answer is D .
• Question 1582: Which of the following is NOT a feature of capitalism ? Options:
  A) detailed economics planning
  B) Free enterprise
  C) competition
  D) private ownership of property
  E) Entrepreneurs and the pursuit of profit
  Show Answer
  The correct answer is A .
• Question 1583: The rate of interest change on loans depends largely on Options:
  A) the prevailing exchange rate
  B) marginal efficiency of capital
  C) the risk associated with the loan
  D) the prevailing tax rate
  Show Answer
  The correct answer is C .
• Question 1584:

  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 1585:

  An economy in which both the public and private sectors contribute to economic growth is a__________?

  Options:
  A) socialist economy
  B) feudal economy
  C) mixed economy
  D) capitalist economy
  Show Answer
  The correct answer is C .
• Question 1586:

  A tariff is a tax imposed on

  Options:
  A) Consumer goods
  B) Domestic goods
  C) Imported goods
  D) Exported goods
  Show Answer
  The correct answer is C .
• Question 1587: Given that FC = N500, VC = N1,500, and Q = 50 units. Find the average cost of the product. Options:
  A) N30
  B) N40
  C) N10
  D) N20
  Show Answer
  The correct answer is B .
• Question 1588:

  If two commodities are unrelated, a change in the price of one will____________

  Options:
  A) have effect on the quantity demanded of the other
  B) have no effect on the quantity demanded of the other
  C) increase the quantity demanded on the other
  D) decrease the quantity demanded on the other
  Show Answer
  The correct answer is B .
• Question 1589: Which is NOT a cause of high population growth in Nigeria? Options:
  A) Family planing Unit of Nigeria
  B) Improve medical facilities
  C) Reduction in death rate
  D) Improve hygiene
  E) Increased birth rate
  Show Answer
  The correct answer is A .
• Question 1590: The main economic objective behind the production of goods and services in any economy is to? Options:
  A) maximize profits
  B) satisfy human wants
  C) become self reliant
  D) create job opportunities
  E) make people wealthy
  Show Answer
  The correct answer is B .