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: The crucial factors which determine the location of petroleum refineries in Nigeria are availability of raw materials and? Options:
  A) capital
  B) political consideration
  C) nearness to source of power
  D) labour
  Show Answer
  The correct answer is B .
• Question 1582:

  In recent years, Nigeria's balance of payments has continued to register a deficit due to (i) increased government overseas' spending.

  (ii) increasing prices of exports.(iii) rising import prices .(iv)more payment to overseas' investors.

  Options:
  A) i, ii and iii
  B) i, ii and iv
  C) i, ii, iii and vi
  D) i, ii, iii and iv
  Show Answer
  The correct answer is C .
• Question 1583: The first petroleum exploring company to discover crude petroleum in Nigeria was? Options:
  A) Mobil
  B) Texaco
  C) Agip
  D) Shell-BP
  Show Answer
  The correct answer is D .
• Question 1584: A disadvantage of Nigeria's dependence on imported petroleum products is the Options:
  A) instability in the demand for the products
  B) dominance of multinational firms
  C) instability in the supply of the product
  D) poor maintenance of the refineries
  Show Answer
  The correct answer is C .
• Question 1585: One of the major criticisms of the 1992-1968 National development Plan was that? Options:
  A) it failed to incorporate lessons gained from earlier plans to enhance its efficiency
  B) it came too quickly after the country's indepedence
  C) planned expenditure was based too heavily on expected earnings from crude oil
  D) its execution was based largely on foreign sourced financial resources
  Show Answer
  The correct answer is D .
• Question 1586:

  If the government imposes a minimum price on a commodity

  Options:
  A) market surplus occurs
  B) the market will be cleared in the short-run
  C) excess demand occurs
  D) government regulation is no longer needed
  Show Answer
  The correct answer is A .
• Question 1587: When public enterprises become commercialized, it means that? Options:
  A) the product of the enterprises are further subsidized
  B) they are expected to operate with the primary aim of making profits
  C) the government has decided to divest itself of such enterprises
  D) the staff of the enterprises will be laid off
  Show Answer
  The correct answer is B .
• Question 1588: A commodity can be sold for two or more different prices if it is? Options:
  A) produced or sold by oligopoly
  B) sold in perfect market
  C) produce or sold by monopsony
  D) produced or sold by monopoly
  E) produced or sold by perfect competition
  Show Answer
  The correct answer is D .
• Question 1589: A commercial bank can create money by Options:
  A) issuing currency
  B) increasing cash ratio
  C) issuing cheque
  D) lending to borrowers
  Show Answer
  The correct answer is D .
• Question 1590: With a given level of money income, a consumer maximizes satisfaction from the consumption of goods and services when the? Options:
  A) total utility derived from each goods and services is increasing at an increasing rate
  B) marginal utility derived from each good or service is increasing at the same rate
  C) marginal utility derived per naira spent is the same for all the goods and services
  D) total utility derived from all the goods and services is large
  Show Answer
  The correct answer is C .