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 2171:

  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
  Show Answer
  The correct answer is D .
• Question 2172:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 2173: The situation whereby the government of a country spends more than its budgets for a given financial year is known as Options:
  A) surplus budget
  B) deficit budget
  C) balanced budget
  D) minus budget
  Show Answer
  The correct answer is B .
• Question 2174:

  

  In the diagram, above Ps is the supply curve for a particular commodity, while OP is the price which of the following statements is correct?

  Options:
  A) the quantity supplied is infinitely elastic
  B) when price is zero, the quantity supplied infinite
  C) when price is infinite, the quantity supplied zero
  D) the quantity supplied is definite
  Show Answer
  The correct answer is A .
• Question 2175: Localization of industry is encouraged because of ________ Options:
  A) low interest charges on loans
  B) improvements in infrastructure
  C) low foreign exchange rate
  D) high standard of living
  Show Answer
  The correct answer is D .
• Question 2176: The basic economics problem of what to produce arises as a result of Options:
  A) competing demands for scarce resources
  B) excessive supply
  C) the availability of too many experts
  D) the failure of the price system
  E) the reduction of poverty
  Show Answer
  The correct answer is A .
• Question 2177:

  

  Calculate the marginal physical product of the last unit of input

  Options:
  A) 0
  B) 2
  C) 4
  D) 10
  Show Answer
  The correct answer is B .
• Question 2178: The European Union was formed to Options:
  A) promote free trade within member nations
  B) promote economic integration in non-member countries
  C) assist countries to achieve their economic goals
  D) finance development projects in member nations
  Show Answer
  The correct answer is A .
• Question 2179: The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as? Options:
  A) industrialization
  B) export-promotion
  C) import-substitution
  D) export--substitution
  E) import-expansion
  Show Answer
  The correct answer is C .
• Question 2180:

  The following are measures of location except________

  Options:
  A) Arithmetic mean
  B) Harmonic mean
  C) Range
  D) Geometric mean
  Show Answer
  The correct answer is C .