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 2251:

  The International Bank for Reconstruction and Development(IBRD) performs the following functions except-------

  Options:
  A) granting long-term loans
  B) assisting with technical expertise
  C) reducing tariff among members
  D) developing human resource
  Show Answer
  The correct answer is C .
• Question 2252: Given the present state of the Nigeria economy,which of the following measures will promote more rapid economic development? Options:
  A) Complete dependence on oil exports
  B) concentration on agricultural exports
  C) Diversification of the economy
  D) Building of more schools and universities
  E) Introductionn of nuclear energy in Nigeria
  Show Answer
  The correct answer is C .
• Question 2253: When a worker earns more than the wage just sufficient to keep him in his job, the excess income is called? Options:
  A) an opportunity cost
  B) an economic rent
  C) transfer earnings
  D) surplus value
  Show Answer
  The correct answer is B .
• Question 2254: In economics, the “how” or input question refers to: Options:
  A) The problem of allocating scarce resources among competing uses
  B) The way in which factors of production may be combined to produce output
  C) The way in which a firm decides on its profit maximising rate of output
  D) The problem of how output is distributed among individuals and groups in society.
  Show Answer
  The correct answer is B .
• Question 2255: It is impossible to satisfy all human wants because? Options:
  A) areas of fertile land are very limited
  B) oceans and seas limit land space for farming
  C) resources are not equitably distributed
  D) available resources are limited
  Show Answer
  The correct answer is D .
• Question 2256:

  Part-time workers who desire full-time employment are:

  Options:
  A) Underemployed and contribute to the unemployment statistic
  B) Underemployed but do not contribute to the unemployment statistic
  C) Not part of the labour force and do not contribute to the unemployment statistic
  D) Cyclical unemployment
  Show Answer
  The correct answer is B .
• Question 2257: The amount of satisfaction per unit of the commodity consumed is called Options:
  A) average cost
  B) average utility
  C) marginal cost
  D) marginal utility
  E) total utility
  Show Answer
  The correct answer is B .
• Question 2258: Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria? Options:
  A) Establishement of industries
  B) presence of mineral deposits
  C) Transportation facilities
  D) Favourable soils
  E) Favourable climate conditions
  Show Answer
  The correct answer is B .
• Question 2259:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 2260: Inflation n the Nigeria economy may be fueled by increase in? Options:
  A) the dollar price of crude oil
  B) the sale of company shares
  C) government expenditure
  D) sale of government bonds
  Show Answer
  The correct answer is C .