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 2391: An important role of agriculture in Nigeria's economic development is the Options:
  A) processing of raw materials for industries
  B) regulation of price system
  C) provision of infrastructure
  D) provision of employment
  Show Answer
  The correct answer is D .
• Question 2392: Which of the following is NOT a component of agriculture? Options:
  A) crop farming
  B) drilling
  C) fishing
  D) forestry
  E) livestock farming
  Show Answer
  The correct answer is B .
• Question 2393:

  

  In thediagram above, what is the lowest possible price the monopolist could charge and still break even without there being excess demand?

  Options:
  A) P₁
  B) P₂
  C) P₃
  D) P₄
  Show Answer
  The correct answer is B .
• Question 2394: Which of the following is NOT a problem of population census in Nigeria? Options:
  A) inadequate transportation
  B) High birth rate
  C) High cost
  D) Mass illiteracy
  E) Political interest
  Show Answer
  The correct answer is E .
• Question 2395: The deregulation of telecommunication services in Nigeria is a characteristic of Options:
  A) command economy
  B) traditional economy
  C) market economy
  D) feudal economy
  Show Answer
  The correct answer is C .
• Question 2396: Which of the following can cause oil glut in the International market? Options:
  A) Excess demand over supply
  B) Under- capacity utilization
  C) Excess supply over demand
  D) Economic boom
  Show Answer
  The correct answer is C .
• Question 2397: Under perfect competition, the short-run supply curve of a firm is determined by its Options:
  A) total cost curve
  B) marginal cost curve
  C) average fixed cost curve
  D) average cost curve
  Show Answer
  The correct answer is B .
• Question 2398:

  

  What is the median quantity?

  Options:
  A) 5kg
  B) 6kg
  C) 3kg
  D) 4kg
  Show Answer
  The correct answer is D .
• Question 2399: 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 2400: The long-run average cost curve is called a planning curve because it shows what happens to costs when Options:
  A) a bigger size of plant is built
  B) differents sizes of plants are built
  C) variable inputs are increased
  D) fixed factors are increased
  Show Answer
  The correct answer is B .