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 2021: A major advantage of industrialization is that it Options:
  A) leads to self-reliance
  B) curbs inflation
  C) leads to growth and development
  D) improves the terms of trade
  Show Answer
  The correct answer is C .
• Question 2022: The main source of government revenue in Nigeria is Options:
  A) import duties
  B) rents and royalties
  C) company income tax
  D) capital gains tax
  Show Answer
  The correct answer is A .
• Question 2023: Petroleum has the following positive contributions to the Nigerian economy except Options:
  A) Generate employment
  B) Source of government revenue
  C) development of mono economy
  D) Infrastructure development
  Show Answer
  The correct answer is C .
• Question 2024: A supply curve is positively sloped because Options:
  A) supply always exceeds demand
  B) demand always exceeds supply
  C) price is an incentive to consumers
  D) price is an incentive to producers
  Show Answer
  The correct answer is D .
• Question 2025:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 2026: Which of the following is not a form of business organization Options:
  A) A sole proprietorship
  B) Cartel
  C) Partnership
  D) Joint stock
  E) Cooperative society
  Show Answer
  The correct answer is B .
• Question 2027:

  

  The diagram above shows a firm operating under conditions of monopolistic competition. The curve W represents its

  Options:
  A) marginal cost
  B) average cost
  C) average revenue
  D) marginal revenue
  Show Answer
  The correct answer is C .
• Question 2028: When the average physical product curve is rising the marginal physical product is Options:
  A) below it
  B) above it
  C) falling
  D) zero
  E) None of the above
  Show Answer
  The correct answer is B .
• Question 2029: Which of the following is NOT a function of taxation? Options:
  A) make few people rich in the country
  B) raise revenue for the government
  C) redistribution of income
  D) reduces production and consumption of harmful goods
  E) used as anti-inflationary device
  Show Answer
  The correct answer is D .
• Question 2030: All pairs of quantities from which a consumer derives equal satisfaction can be plotted on__________? Options:
  A) An indifference curve
  B) An exceptional demand curve
  C) A budget line
  D) An isoquant map
  Show Answer
  The correct answer is A .