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: A student has N30.00 with which to buy a ruler costing N18.00 and an exercise book costing N25.00. If he buys the exercise book, his opportunity cost is? Options:
  A) the ruler
  B) the exercise book
  C) N25.00
  D) 18.00
  Show Answer
  The correct answer is A .
• 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 GDP of Nigeria will be greater than her GNP if? Options:
  A) the value of goods and services to Nigeria is greater than the value of those from Nigeria
  B) consumption is greater than investment
  C) government expenditures are greater than the foreign aid received
  D) the value of goods and services produced by Nigeria businesses abroad is greater than that of foreign businesses in Nigeria
  Show Answer
  The correct answer is D .
• Question 2174:

  Which of the following industries will add more value to primary products?

  Options:
  A) Service industry
  B) Construction industry
  C) Mining industry
  D) Processing industry
  Show Answer
  The correct answer is C .
• Question 2175:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 2176: The major determinant of the total volume of output in an economy is the? Options:
  A) level of wholesale prices
  B) size of the labour force
  C) level of total expenditure
  D) composition of consumer spending
  Show Answer
  The correct answer is C .
• Question 2177:

  X	8	10	12	16	18	20	24
  F	2	1	4	3	3	1	6

   

  From the table, Calculate the median___________

  Options:
  A) 24.0
  B) 17.0
  C) 18
  D) 16
  Show Answer
  The correct answer is D .
• Question 2178:

  

  From the Diagram above, the optimal point of production is

  Options:
  A) R
  B) T
  C) U
  D) S
  Show Answer
  The correct answer is D .
• Question 2179:

  

  A country's budget allocation to various sectors of the economy is shown in the pie chart above...
  Use it to answer this question.

  What is the ratio of expenditure on health to Agriculture if the yearly budget is 7200?

  Options:
  A) 2: 3
  B) 3:4
  C) 4:3
  D) 5:4
  Show Answer
  The correct answer is B .
• Question 2180:

  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 .