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 2291: Which of the following is NOT include in measuring national income by the income approach? Options:
  A) Wages and salaries of public servant
  B) student grants and scholarship
  C) Profit of companies
  D) income earned by self employed persons such as lawyers
  E) Rents on property
  Show Answer
  The correct answer is B .
• Question 2292:

  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 2293: The greatest proportion of government revenue in Nigeria comes from? Options:
  A) export of raw materials
  B) income taxes on individuals and business
  C) custom duties and excise duties
  D) loans and grants from industrially advanced countries
  Show Answer
  The correct answer is C .
• Question 2294: In any economy, what is used as money is determined by? Options:
  A) government acceptance commodity standard
  B) government acceptance of an inconvertible paper standard
  C) laws and customs
  D) its use as a store of value
  Show Answer
  The correct answer is A .
• Question 2295:

  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 .
• Question 2296: In certain circumstances, a centrally planned economy adopts the rationing system because of? Options:
  A) the scarcity of goods and services in the market
  B) low real and money wages
  C) the need for equitable distribution of goods and services
  D) transportation and distribution problems
  Show Answer
  The correct answer is C .
• Question 2297: Production is best defined in economics as Options:
  A) creation of utility yielding goods and services
  B) distribution of goods and services
  C) manufacturing of goods by small factories
  D) provision of basic amenities
  E) rendering of services only
  Show Answer
  The correct answer is A .
• Question 2298:

  

  The average total cost when 20 units are produced is

  Options:
  A) ₦20.00
  B) ₦23.00
  C) ₦13.00
  D) ₦15.00
  Show Answer
  The correct answer is D .
• Question 2299: which of the following measures can be used to control inflation? Options:
  A) decrease in bank rate
  B) Decrease in taxation
  C) deficit budget
  D) Export drive
  E) Increase in government expenditure
  Show Answer
  The correct answer is D .
• Question 2300: Which of the following is true of a perfect market situation? Options:
  A) price = AR=MC=AC
  B) price = DD = MC = AC
  C) price = AC = MC = AR
  D) price = AR = MR = DD
  E) price = MR but MR < AR
  Show Answer
  The correct answer is A .