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 2131:

  

  How many units of good X is produced for 8 units of commodity Y?

  Options:
  A) 80
  B) 40
  C) 20
  D) 0
  Show Answer
  The correct answer is D .
• Question 2132:

  The basic economic problems of society include___________

  Options:
  A) scarcity, for whom to produce and where
  B) what to produce, how and for whom
  C) how to produce and sell
  D) scarcity, when to produce and how
  Show Answer
  The correct answer is B .
• Question 2133: When the import of a commodity is limited to a definite quantity by using a trade control method, this is known as Options:
  A) tariffs
  B) quotas
  C) exchnge control
  D) devaluation
  E) revaluation
  Show Answer
  The correct answer is B .
• Question 2134: If income rises from N200.00 to N250.00 and the amount spent on good X falls from N30.00 to N28.00, then good X is? Options:
  A) an income elastic good
  B) a normal good
  C) an inferior good
  D) demand elastic
  E) supply elastic
  Show Answer
  The correct answer is C .
• Question 2135: The biggest source of government revenue in Nigeria is Options:
  A) mining, rents and royalties
  B) company income tax
  C) import duties
  D) export duties
  E) petroleum profit tax
  Show Answer
  The correct answer is E .
• Question 2136: Invisible trade refers to trade in? Options:
  A) services
  B) goods and services
  C) tangible goods
  D) short-term and long-term capital
  E) goods that cannot be seen
  Show Answer
  The correct answer is E .
• Question 2137: The consumer-goods industry is predominant in the industrial sector of the Nigerian economy because of the? Options:
  A) availability of market and most of the raw materials required
  B) availability of the necessary machinery required
  C) experience of Nigerian producers
  D) relatively lower cost of production of such goods
  Show Answer
  The correct answer is A .
• Question 2138: Industrial development in Nigeria can be encouraged through Options:
  A) signing WTO treaty
  B) granting subsidies
  C) the provision of efficient infrastructure
  D) direct government participation
  Show Answer
  The correct answer is B .
• Question 2139: Find the median of the following set of data 35,10,14,38,15,18,22,30 and 28 Options:
  A) 10
  B) 38
  C) 35
  D) 22
  Show Answer
  The correct answer is D .
• Question 2140:

  In manufacturing, division of labour may be hindered by

  Options:
  A) excessive demand for the product
  B) low level of technology
  C) excess supply of labour
  D) increase in the export of goods
  Show Answer
  The correct answer is B .