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 2341:

  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 2342: Economic development is defined as? Options:
  A) positive change plus growth
  B) avalibility of more goods and services
  C) outward shift of the production possibility curve
  D) growth in the national income
  Show Answer
  The correct answer is D .
• Question 2343: In Nigeria, unemployment can be minimized through______? Options:
  A) Diversification of the economy
  B) Strict immigration law
  C) Paying unemployment benefits
  D) Restrictive fiscal policy
  Show Answer
  The correct answer is A .
• Question 2344:

  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 2345: The use of modern weaving machines in the production of local fabric will result in Options:
  A) an increase in the demand for labour
  B) a decrease in the demand for labour
  C) an increase in wages
  D) a decrease in wages
  Show Answer
  The correct answer is B .
• Question 2346: An ad valorem tax is imposed on Options:
  A) special commodities
  B) exports
  C) imports
  D) the value of a commodity
  Show Answer
  The correct answer is D .
• Question 2347:

  A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________

  Options:
  A) Import monopoly
  B) Import licence
  C) Import quota
  D) Embargo
  Show Answer
  The correct answer is B .
• Question 2348: The mean is the best measure of central tendency because it Options:
  A) is not affected by extreme values in a data
  B) is a midpoint value in an array of data
  C) is a balancing point in an observation
  D) can be calculated from incomplete data
  Show Answer
  The correct answer is C .
• Question 2349: Which of the following defines Economics most comprehensively? Options:
  A) Buying and selling
  B) Organization and Industries
  C) study of human behaviour in the allocation of scarce resources
  D) National development planning and budgeting
  E) Banking and Insurance
  Show Answer
  The correct answer is C .
• Question 2350: The demand curve for a normal good will shift to the left if? Options:
  A) the incomes of consumers rise
  B) the price of the goods rises
  C) the price of complementary goods rises
  D) advertising expenditure on complementary goods increase
  Show Answer
  The correct answer is B .