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 2441:

  The privatization exercise in Nigeria is a move towards a____________

  Options:
  A) command economy
  B) mixed economy
  C) subsistence economy
  D) market economy
  Show Answer
  The correct answer is D .
• Question 2442: The family Support Programme in Nigeria essentially focuses on? Options:
  A) the generation of employment
  B) the alleviation of poverty
  C) agricultural and industrial development
  D) economic emancipation of women
  Show Answer
  The correct answer is D .
• Question 2443: Macroeconomics is a study of economics science from the point of view of? Options:
  A) resource markets or production units
  B) individual producers or consumers
  C) aggregate or general economy
  D) companies or individual firms
  Show Answer
  The correct answer is C .
• Question 2444: In market economies, resources are allocated through the? Options:
  A) government authorities
  B) price system
  C) banking system
  D) central planning bureau
  E) revenue allocation formula
  Show Answer
  The correct answer is B .
• Question 2445: An improvement in Nigeria's terms of trade should Options:
  A) Lead to a fall in cost of her imports in terms of what she must sacrifice to obtain them
  B) Make made in Nigeria goods cheaper to buy
  C) Increase Nigeria's domestic output of commodities
  D) Lead to an increase in her exchange rates
  E) Lead to an increase in Nigeria's exports of petroleum
  Show Answer
  The correct answer is A .
• Question 2446: A consumer surplus measures the Options:
  A) benefits derived from consuming a cheap commodity
  B) excess of total expenditure over total uility
  C) difference between marginal utility and marginal cost
  D) excess of marginal utility over price
  Show Answer
  The correct answer is D .
• Question 2447:

  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 2448: The range is used to Options:
  A) estimate the mean from grouped data
  B) calculate the standard deviation
  C) determine the spread of a set of data
  D) measure the difference between the mean and the mode
  Show Answer
  The correct answer is C .
• Question 2449: Which of the following is a form of business enterprise? Options:
  A) Cartel
  B) Entrepreneurship
  C) Partnership
  D) Stock exchange
  E) Supermarket
  Show Answer
  The correct answer is C .
• Question 2450:

  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 .