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 2281: A country would develop its agricultural sector first so as to Options:
  A) stabilize the prices of agricultural products
  B) stabilize the prices of industrial products
  C) create a market for the agricultural sector
  D) create a market for the industrial sector
  Show Answer
  The correct answer is D .
• Question 2282: A monopolist has the power to influence the prices of goods and services. Therefore, he is a Options:
  A) price maker
  B) price taker
  C) price system
  D) price competition
  Show Answer
  The correct answer is A .
• Question 2283: Industrial development in Nigeria can be encouraged through Options:
  A) signing WTO treaty
  B) granting subsidies
  C) the provision of efficient infrastructure
  D) direct government participation
  Show Answer
  The correct answer is B .
• Question 2284:

  The birth rate in 1976 for a certain country with a population of 10m was 8.0. This means that in 1976,___________

  Options:
  A) there were 80,000 live births in the country
  B) there were 6,400 live births in the country
  C) there were 8 live births to every 100 women in working-class families
  D) 8 in every 1000 women of 21 - 45 gave birth to a live child
  Show Answer
  The correct answer is A .
• Question 2285: The major contribution of the petroleum industry to the Nigerian economy is the Options:
  A) generation of revenue for the oil companies
  B) provision of employment opportunities for communites
  C) generation of revenue for government
  D) promotion of industrial harmony
  Show Answer
  The correct answer is C .
• Question 2286: An association formed by a group of individuals solely for the marketing of their product is a Options:
  A) credit and thrift society
  B) consumer cooperative society
  C) producer cooperative society
  D) voluntary organization
  Show Answer
  The correct answer is C .
• Question 2287: 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 2288: A rising short-run average cost is a result of Options:
  A) economies of scale
  B) falling marginal costs
  C) diminishing returns
  D) rising fixed costs
  Show Answer
  The correct answer is C .
• Question 2289:

  Scale of preference shows

  Options:
  A) incomes of consumers in order of size
  B) utilities enjoyed by consumers
  C) opportunity cost of goods consumed
  D) consumer's wants in order of priority
  Show Answer
  The correct answer is D .
• Question 2290: A significant effect of the growth of the oil sector in Nigeria has been to? Options:
  A) increase the rate of unemployment
  B) diminish the percentage contribution of the agricultural sector to GNP
  C) slow down the pace of industrialization
  D) retard the rate of economic growth
  Show Answer
  The correct answer is B .