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 2191: Agricultural production in Nigeria could be improved through Options:
  A) control of plant diseases
  B) Land Fragmentation
  C) Payment of excise duty
  D) the introduction of low yielding crops
  E) the use of traditional implements
  Show Answer
  The correct answer is A .
• Question 2192: The primary objective of all international economic organizations is to? Options:
  A) ensure that third world countries get a better share of the world's resources
  B) promote international economic co-operation for the mutual benefit of all members
  C) enforce structural adjustment programmes on less developed countries
  D) encourage exports from the developed to the less developed countries
  Show Answer
  The correct answer is B .
• Question 2193:

  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 2194:

  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 2195: If a person demands money for buying and selling securities. It is referred as demanding money for Options:
  A) Transaction purposes
  B) Speculative purposes
  C) Precautionary purposes
  D) Meeting the educational expenses of the children
  E) Carrying out gambling activities
  Show Answer
  The correct answer is B .
• Question 2196: An emerging agricultural export crop in Nigeria is Options:
  A) cassava
  B) cotton
  C) cocoa
  D) soya beans
  Show Answer
  The correct answer is C .
• Question 2197: 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 2198: A firm is said to have benefited from external economies in production if it has realized? Options:
  A) a more efficient management of resources
  B) a better combination of factors of production
  C) reduced resources costs due to operation of other firms
  D) a higher profit level due to increased sales
  Show Answer
  The correct answer is C .
• Question 2199: Given that Qd = 10 - 2p whileQs = 5 + 3P, if P = N1, determine the equilibrium quantity. Options:
  A) 7
  B) 6
  C) 5
  D) 8
  Show Answer
  The correct answer is D .
• Question 2200: Price control indicate the following Options:
  A) price is fixed at equilibrium level
  B) price is fixed above equilibrium level
  C) price is not fixed but determined by demand and supply
  D) price is fixed below equilibrium level
  E) none of the above
  Show Answer
  The correct answer is D .