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:

  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 2392: One of the following is NOT a reason for increase in public expenditure Options:
  A) decrease arising from public debt and its servicing
  B) increase in capital expenditure to provide social services
  C) increase financial commitment for defence and security
  D) increase in recurrent expenditure with regard to wages and salary paid to public servant
  E) returns on viable public corporation
  Show Answer
  The correct answer is D .
• Question 2393: One of the characteristics of free trade zone is Options:
  A) common tariff against non-member countries
  B) different trade policies of non-member countries
  C) free factor mobility within the zone
  D) harmonized trade among member countries
  Show Answer
  The correct answer is D .
• Question 2394:

  Scarcity in economics means?

  Options:
  A) human wants are limitless
  B) the economy has very few resources
  C) the economy can scarcely produce anything
  D) resources are limited in relation to wants
  Show Answer
  The correct answer is D .
• Question 2395: The demand for labour is an example of Options:
  A) composite demand
  B) joint demand
  C) derived demand
  D) competitive demand
  Show Answer
  The correct answer is C .
• Question 2396:

  In a developing economy, productivity is measured by the____________

  Options:
  A) output - labour ratio
  B) capital - output ratio
  C) output growth rate
  D) Output per capital
  Show Answer
  The correct answer is C .
• Question 2397:

  

  How many units of good X is produced for 8 units of commodity Y?

  Options:
  A) 80
  B) 40
  C) 20
  D) 0
  Show Answer
  The correct answer is D .
• Question 2398: Which of the following is NOT included in-measuring the National income through the income approach? Options:
  A) Allowance given to an aged mother by a civil servant
  B) Income earned by a bricklayer
  C) Profit earned by Nigerian bottling company plc
  D) profit earned by NITEL plc
  E) Salary earned by a doctor
  Show Answer
  The correct answer is A .
• Question 2399:

  Use the table below to answer the question below;

  The international production set for Nigeria and Austria is;

  Products	Nigeria	Austria
  Cocoa	20 tonnes	12 tonnes
  Lace	1o metres	8 metres

  From the table, it can be deduced that_______

  Options:
  A) Nigeria should produce cocoa and lace
  B) Nigeria can benefit from producing lace only
  C) Austria should produce lace and Nigeria should produce cocoa
  D) Austria should produce cocoa and lace
  Show Answer
  The correct answer is C .
• Question 2400: The main source of government revenue in Nigeria is Options:
  A) import duties
  B) rents and royalties
  C) company income tax
  D) capital gains tax
  Show Answer
  The correct answer is A .