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 2421: Which of the following items is subtracted when computing Gross National Product at factor cost, by the expenditure method? Options:
  A) Consumption expenditure
  B) Indirect taxes
  C) Exports and property income from abroad
  D) Gross Domestic Fixed Capital Formation
  Show Answer
  The correct answer is B .
• Question 2422: The demand curve faced by a monopolist is_____? Options:
  A) Positively sloped
  B) Vertical
  C) Horizontal
  D) Negatively Sloped
  Show Answer
  The correct answer is D .
• Question 2423: The Nigerian economy is mono-cultural because government revenue is derived mainly from? Options:
  A) agriculture
  B) manufacturing
  C) coal
  D) crude oil
  Show Answer
  The correct answer is D .
• Question 2424:

  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 2425: In the long run, one of the characteristics of monopolistic competitive firms is that they Options:
  A) make abnormal profits
  B) suffer losses
  C) make normal profits
  D) collude with each other
  Show Answer
  The correct answer is C .
• Question 2426: The following are the objectives of agricultural policies in Nigeria EXCEPT Options:
  A) provision of food
  B) provision of agricultural raw materials to industrial sectors
  C) increasing prices of agricultural Inputs
  D) creation of rural employment
  Show Answer
  The correct answer is C .
• Question 2427: If the standard deviation of a set of numbers is 3.6, what is the variance? Options:
  A) 12.49
  B) 12.69
  C) 12.9
  D) 12.96
  E) 12.98
  Show Answer
  The correct answer is D .
• Question 2428: One of the factors affecting the supply of manufactured goods is Options:
  A) Weather
  B) Technology
  C) Consumer tastes
  D) Availability of inputs
  Show Answer
  The correct answer is B .
• Question 2429:

  A measure for preventing the external value of the Naira from falling is for the government to

  Options:
  A) increase its spending with foreign reserve
  B) sell its own currency
  C) reduce interest rate
  D) buy its currency with foreign reserve
  Show Answer
  The correct answer is D .
• Question 2430:

  The most important cost curve for the firm is_________

  Options:
  A) MC
  B) AC
  C) TC
  D) FC
  Show Answer
  The correct answer is B .