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 2111: An entirely domestic effort directed at improving agricultural production in Nigeria is the? Options:
  A) Agricultural Development Programme
  B) Agro-industrial Development Scheme
  C) Food and Agricultural Organization
  D) National Land Development Authority
  Show Answer
  The correct answer is A .
• Question 2112:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
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  The correct answer is A .
• Question 2113: In the long run, all production factors are? Options:
  A) fixed
  B) semi fixed
  C) variable
  D) semi-variable
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  The correct answer is C .
• Question 2114: In order to increase its profit margin, the monopolist can manipulate Options:
  A) both price and output
  B) either price or output
  C) only its price
  D) only its output
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  The correct answer is B .
• Question 2115: The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as? Options:
  A) budget deficit
  B) balance budget
  C) budget surplus ‘
  D) budget statement
  E) unfavourable budget.
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  The correct answer is A .
• Question 2116:

  The following are measures of location except________

  Options:
  A) Arithmetic mean
  B) Harmonic mean
  C) Range
  D) Geometric mean
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  The correct answer is C .
• Question 2117: The use of modern weaving machines in the production of local fabric will result in Options:
  A) an increase in the demand for labour
  B) a decrease in the demand for labour
  C) an increase in wages
  D) a decrease in wages
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  The correct answer is B .
• Question 2118: Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age? Options:
  A) money is regarded as a medium of exchange
  B) measure for value
  C) unit of account
  D) store of value
  E) standard for deferred payments
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  The correct answer is D .
• Question 2119: Which of the following is not a type of unemployment Options:
  A) factory unemployment
  B) structural unemployment
  C) mass unemployment
  D) frictional unemployment
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  The correct answer is A .
• Question 2120:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
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  The correct answer is D .