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 1801: Which of the following is a form of business enterprise? Options:
  A) Cartel
  B) Entrepreneurship
  C) Partnership
  D) Stock exchange
  E) Supermarket
  Show Answer
  The correct answer is C .
• Question 1802: An adverse environmental impact of the petroleum industry on the economy is Options:
  A) communal riots
  B) the vandalization of oil equipment
  C) oil spillage
  D) community development
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  The correct answer is C .
• Question 1803: The value of money is generally measured in reference to Options:
  A) the interest rate charged on bank loans
  B) the general price level
  C) the size of countries gold stock
  D) the level of economic development in a country
  E) the price of stocks and shareson the stock exchange
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  The correct answer is B .
• Question 1804:

  A measure for preventing the external value of the Naira from falling is for the government to

  Options:
  A) increase its spending with foreign reserve
  B) sell its own currency
  C) reduce interest rate
  D) buy its currency with foreign reserve
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  The correct answer is D .
• Question 1805: The additional satisfaction derived from the consumption of one or more unit of a good is called Options:
  A) marginal products
  B) marginal utility
  C) marginal revenue
  D) marginal cost
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  The correct answer is B .
• Question 1806: The transfer to public shareholding corporations to private enterprises is Options:
  A) concession
  B) incorporation
  C) commercialization
  D) privatization
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  The correct answer is D .
• Question 1807:

  In the long-run, a firm must shut down if its average revenue is

  Options:
  A) greater than average cost
  B) less than average variable cost
  C) equal to the minimum average revenue is
  D) equal to the average cost
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  The correct answer is B .
• Question 1808: Nigeria earns the major part of her foreign exchange from the export of? Options:
  A) manpower to another countries
  B) crude oil
  C) petroleum products
  D) groundnuts and cotton
  E) palm oil and cocoa
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  The correct answer is B .
• Question 1809:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
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  The correct answer is A .
• Question 1810: Which of the following is applicable in a wholly capitalist economy? Options:
  A) There is government intervention in price determination
  B) Consumer sovereignty does not exist
  C) The price mechanism allocates resources
  D) Households cannot freely decide what to spend on goods and services
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  The correct answer is C .