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 151: Nigeria's exports usually comprise Options:
  A) consumer goods
  B) capital goods
  C) intermediate goods
  D) primary goods
  Show Answer
  The correct answer is D .
• Question 152:

  

  In the diagram above, ST is the budget line while l,ll and lll represent indifference curves. A rational consumer will choose to consume at point

  Options:
  A) M
  B) J
  C) K
  D) L
  Show Answer
  The correct answer is D .
• Question 153: Age-structure in Nigeria is such that the working age-group is in the years Options:
  A) 1-15
  B) 15-65
  C) 30-40
  D) 40-65
  E) 65 and above
  Show Answer
  The correct answer is B .
• Question 154: Export-promotion policy is primary concerned with the? Options:
  A) processing of raw materials to increase their value
  B) making of international routes safe for export commodity
  C) reduction in the number of imported items
  D) encourage of the production of export commodities
  Show Answer
  The correct answer is D .
• Question 155:

  The population density of a town made up of 50 square kilometer land area and 100 million people is________

  Options:
  A) 50,000 people per square kilometer
  B) 2 million people per square kilometer 
  C) 0.5 million people per square kilometer
  D) 20 million people per square kilometer
  Show Answer
  The correct answer is B .
• Question 156: Production in Economics occurs when Options:
  A) a commodity or service is sold
  B) utility is created or added
  C) a commodity is manufactured
  D) raw materials are produced or extracted from mines
  E) all of these
  Show Answer
  The correct answer is E .
• Question 157: When workers have a union, the supply of labour is said to be Options:
  A) monopolistic
  B) oligopolistic
  C) monopsonistic
  D) competitive
  Show Answer
  The correct answer is A .
• Question 158:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 159: A major impediment to the development of agriculture in Nigeria is Options:
  A) land use system
  B) inadequate supply of farm inputs
  C) low income of farmers
  D) limited research on seedlings
  Show Answer
  The correct answer is B .
• Question 160:

  (i) What and how much will be produced

  (ii) How will it be produced

  (iii) For whom will it be produced

  (IV) How much will be exported and consumed?

  From the above, identify the combination of basic resource allocation questions in economic analysis.

  Options:
  A) i, ii and iii
  B) i, ii and iv
  C) i, iii and iv
  D) ii, iii and iv
  Show Answer
  The correct answer is A .