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 1921:

  The policy by which government encourages producers of export goods to produce and export more in order to earn more foreign exchange is called__________

  Options:
  A) Sales promotion
  B) Term of trade
  C) Export promotion
  D) International trade
  Show Answer
  The correct answer is C .
• Question 1922: When a foreigner on a visit to Nigeria pays for hotel accommodation and meals with some foreign currency,the amount paid should be recorded in Nigeria's balance of payment as an item of? Options:
  A) Nigeria's invisible export trade
  B) Nigeria's import trade
  C) Nigeria's invisble trade
  D) foreign capital inflow into Nigeria
  Show Answer
  The correct answer is A .
• Question 1923: The ultimate aim of agricultural policies in Nigeria is to achieve Options:
  A) food sufficiency
  B) industrialization
  C) full employment
  D) industrial capacity utilization
  Show Answer
  The correct answer is A .
• Question 1924:

  Economics problems arise in all societies because

  Options:
  A) resources are mismanaged by leaders
  B) there is no proper planning
  C) resource are not in adequate supply
  D) the services of economists are not employed
  Show Answer
  The correct answer is C .
• Question 1925: In most cases the marginal utility derived from a particular good Options:
  A) increases as additional units are consumed
  B) increases at a decreasing rate as additional units are consumed
  C) decreases at a constant rate as additional units are consumed
  D) decreases as additional units are consumed
  E) remains constant as additional units are consumed
  Show Answer
  The correct answer is D .
• Question 1926:

  $\begin{array}{cc}\text{Age group(years)}& \text{Distribution(\%)}\\ \text{Above 60}& 30\\ 15-60& 45\\ 0-14& 25\end{array}$

  The estimated dependency ratio of the population distribution shown here is

  Options:
  A) 11:9
  B) 9:11
  C) 7:3
  D) 3:7
  Show Answer
  The correct answer is A .
• Question 1927: 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 1928:

  In the short-run, the monopoly makes_______

  Options:
  A) Normal profit
  B) Abnormal Profit
  C) Loss
  D) Sales
  Show Answer
  The correct answer is B .
• Question 1929: The basic principles of co-operative societies are those of? Options:
  A) active participation of capitalist in the affairs of co-operative societies
  B) worker ownership and worker control
  C) sole proprietorship
  D) partnership
  E) denying of credit facilities to members
  Show Answer
  The correct answer is B .
• Question 1930:

  

  Consider the table which shows output (O), total cost (TC) of production and marginal cost (MC) for a firm in a competitive market. Suppose price (P) = ₦12, what is the maximum profit the firm can make?

  Options:
  A) ₦2000.00
  B) ₦1200.00
  C) ₦1000.00
  D) ₦400.00
  Show Answer
  The correct answer is B .