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 2051:

  Which of the following is NOT one of the characteristics of developing countries?

  Options:
  A) High unemployment
  B) Mono- product economy
  C) High capital formation
  D) Low saving
  Show Answer
  The correct answer is B .
• Question 2052: 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 2053: One of the characteristics of monopolistic competition is that Options:
  A) there is mobility of factors of production
  B) no single seller dominates the market
  C) the firms are price-takers
  D) consumers have perfect knowledge of price
  Show Answer
  The correct answer is B .
• Question 2054: Inflation that is usually associated with periods of trade boom is Options:
  A) creeping inflation
  B) cost-push inflation
  C) stagflation
  D) demand-pull inflation
  Show Answer
  The correct answer is D .
• Question 2055: Labour productivity is the ratio of? Options:
  A) labour to output
  B) man-hours to output
  C) output to man-hours
  D) average product to man-hours
  Show Answer
  The correct answer is C .
• Question 2056:

  

  If the GDP is ₦60 billion, what is the difference between the contributions of oil and manufacturing sectors?

  Options:
  A) ₦11.7 billion
  B) ₦13.3 billion
  C) ₦21.7 billion
  D) ₦26.6 billion
  Show Answer
  The correct answer is C .
• Question 2057: Which of the following is NOT a feature of underdevelopment? Options:
  A) Low per capita income
  B) Vicious circle of poverty
  C) Low level of industrialization
  D) Greater dependence on primary production
  E) High per capita income
  Show Answer
  The correct answer is E .
• Question 2058: In a demand curve, the relationship between price and quantity is? Options:
  A) indeterminate
  B) direct
  C) nil
  D) inverse
  Show Answer
  The correct answer is C .
• Question 2059: One of the reasons why Nigeria is a mono-economy is because of her _______ Options:
  A) huge volume of petroleum activities in the country
  B) diversification system of economic activities
  C) high demand for foreign commodities
  D) high rate of unemployment
  Show Answer
  The correct answer is A .
• Question 2060: The size of a business units tends to be small if the activity? Options:
  A) involves mass production of goods
  B) requires a large capital
  C) requires division of labour
  D) involves the provision of direct services
  Show Answer
  The correct answer is D .