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 2211:

  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 2212: Which of the following situations can give rise to economic problems? Options:
  A) Unlimited human wants
  B) Wants of varying important
  C) Limited means available for satisfying wants
  D) Means used in different ways
  Show Answer
  The correct answer is A .
• Question 2213: The total value of goods and services sold and bought in a country across its border during a given period, usually a year is known as Options:
  A) visible trade
  B) invisible trade
  C) balance of payments
  D) balance of trade
  E) terms of trade
  Show Answer
  The correct answer is C .
• Question 2214: At the point where total utility begins to decline MU is Options:
  A) constant
  B) decreasing
  C) increasing
  D) negative
  E) zero
  Show Answer
  The correct answer is D .
• Question 2215: Of what importance is a wholesaler in the chain of distribution? Options:
  A) creation of artificial scarcity
  B) bulk breaking
  C) formation of trade unionism
  D) hoarding of goods
  E) making prompt payment to producers
  Show Answer
  The correct answer is B .
• Question 2216: The best measure of dispersion to determine the tallest tree in a forest is Options:
  A) range
  B) variance
  C) standard deviation
  D) mean deviation
  Show Answer
  The correct answer is B .
• Question 2217: If a government is running deficit, this means Options:
  A) A term of trade are unfavourable
  B) more project cannot be undertaken
  C) Tax inflow is greater than expenditure
  D) aggregate demand is greater than aggregate supply
  E) tax inflow is less than expenditure
  Show Answer
  The correct answer is E .
• Question 2218:

  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 2219:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 2220: Persistent fail In the general price level Is known as Options:
  A) deflation
  B) devaluation
  C) general price Increase
  D) inflation
  E) price index
  Show Answer
  The correct answer is A .