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 1981:

  

  The above diagram showing the maximum possible combination of commodities X and Y produced in Nigeria is called the

  Options:
  A) Production indicator
  B) Maximum production curve
  C) Production possibility curve
  D) Total output curve
  Show Answer
  The correct answer is C .
• Question 1982: When an economy is having a balance of payment surplus the best alternative opened to it is to Options:
  A) borrow from abroad
  B) devalue its currency
  C) increase its foreign reserve
  D) promote imports into the country
  E) sell out its foreign assets
  Show Answer
  The correct answer is C .
• Question 1983: Upstream oil activities involve the Options:
  A) exploration of crude oil
  B) refining of crude oil
  C) marketing of finished products
  D) management of pollution
  Show Answer
  The correct answer is A .
• Question 1984: Which of the following applies to a commodity sold abroad at a price lower than that in the producing country? Options:
  A) Dumping
  B) Counter-trade
  C) Bilateral trade
  D) Trade liberalization
  Show Answer
  The correct answer is A .
• Question 1985: The marketing of agricultural commodities in Nigeria is hampered by Options:
  A) lack of adequate storage facilities
  B) the existence of farmers' associations
  C) the existance of commodity exchange
  D) the abolition of marketing boards
  Show Answer
  The correct answer is A .
• Question 1986: The reduction of high fertility rate is a measure in population control designed to make the? Options:
  A) female population higher than the male
  B) female and male population equal
  C) male population higher than the female
  D) growth in population more sustainable
  Show Answer
  The correct answer is D .
• Question 1987: The downward sloping part of the long-run average cost curve of a firm may be attributable to? Options:
  A) diminishing returns
  B) the law of variable proportions
  C) diseconomies of scale
  D) increasing returns to scale
  Show Answer
  The correct answer is D .
• Question 1988: Abubakar has the choice of buying either a house ruining cost. If he decides to buy the Mercedes Benz car, his opportunity cost is? Options:
  A) N 1.5 m
  B) N 2.0m
  C) the house
  D) the car
  Show Answer
  The correct answer is C .
• Question 1989: The variance of a given set of numbers is defined as the Options:
  A) absolute value of the standard deviation
  B) square of the standard deviation
  C) square root of the standard deviation
  D) square of the mean deviation
  E) square root of the mean deviation
  Show Answer
  The correct answer is B .
• Question 1990: In the event of liquidation of a private limited liability company, the shareholders' liability is limited in their total? Options:
  A) income from all sources
  B) family assets
  C) collateral offered for bank loans
  D) investment inthe company
  Show Answer
  The correct answer is D .