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 1681: The production possibility curve can be used to explain the underlying concepts of Options:
  A) scale of preference and choice
  B) opportunity cost and choice
  C) wants and means
  D) opportunity cost and scale of preference
  Show Answer
  The correct answer is B .
• Question 1682: One major problem encountered by ECOWAS is_______? Options:
  A) Conflict of interest among members
  B) Increasing population
  C) Weakness in the trade relationship
  D) Language barrier
  Show Answer
  The correct answer is A .
• Question 1683:

  Which of the following is the resultant effect of a fall in the profit margin of producers in an economy?

  Options:
  A) Unemployment will fall
  B) Unemployment will remain constant
  C) Unemployment will increase
  D) Unemployment will fluctuate
  Show Answer
  The correct answer is C .
• Question 1684: One of the economic problems of Nigeria today arises from? Options:
  A) the over utilization of human and natural resources
  B) unavailability of mineral resources
  C) inadequate manpower resources
  D) the under-utilization of human and natural resources
  Show Answer
  The correct answer is D .
• Question 1685:

  Which of the following is an example of aninvisibleitem on the balance of payments account

  Options:
  A) shipping and aviation
  B) exports and imports
  C) merchandise
  D) Bullion
  Show Answer
  The correct answer is A .
• Question 1686: An entrepreneur will continue to employ labour up to a point where? Options:
  A) costs are minimized
  B) maximized efficiency is attained
  C) wages are equal to marginal product of labour
  D) marginal product of labour is equal to zero
  Show Answer
  The correct answer is C .
• Question 1687: Which of the following will be the effect of allowing only economic factors to dedicate the location of industries in Nigeria? Options:
  A) A more even development of the different parts of the country will be assured
  B) There will be an unbalanced spread in the distribution of industries
  C) The less developed parts of the country will be able to attract more industries
  D) Only the government will be able to finance the establishment of industries
  Show Answer
  The correct answer is B .
• Question 1688:

  In the long run, all production factors are____________

  Options:
  A) variable
  B) fixed
  C) semi-variable
  D) semi-fixed
  Show Answer
  The correct answer is A .
• Question 1689: The natural growth rate of a population is the Options:
  A) sum of the birth rate and the death rate
  B) sum of the birth rate and the net migrate rate
  C) birth rate minus death rate
  D) birth rate divided by the net migration
  E) death rate minus the net imgration
  Show Answer
  The correct answer is C .
• Question 1690:

  The Economic Community of West African States (ECOWAS) has been slow in achieving its objective because of______________

  Options:
  A) The activities of multinationals
  B) inadequate personnel at the secretariat
  C) political instability
  D) inadequate international support
  Show Answer
  The correct answer is C .