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:

  Human wants are insatiable because wants are____________

  Options:
  A) Limited while means are scarce
  B) Unlimited and means are also unlimited
  C) Limited and means are also limited
  D) Unlimited while means are scarce.
  Show Answer
  The correct answer is D .
• Question 2442: The Malthusian theory of population has been rendered ineffective by Options:
  A) government policies
  B) natural disasters
  C) birth contorl measures
  D) technical progress
  Show Answer
  The correct answer is D .
• Question 2443:

  Efficiency in production means?

  Options:
  A) reducing the size of the work force
  B) producing a given output with the lowest cost of combination of factors of production
  C) adoption of capital intensive technology
  D) increasing the quantity of the fixed factors of production
  Show Answer
  The correct answer is B .
• Question 2444: Entrepreneur is associated more with Options:
  A) capital management
  B) production of beverage
  C) profit making
  D) profit sharing
  E) risk bearing
  Show Answer
  The correct answer is E .
• Question 2445: A long-term capital outflow is recorded in the balance of payment as a Options:
  A) credit on the capital account
  B) credit on the current account
  C) debit on the current account
  D) debit on the capital account
  Show Answer
  The correct answer is D .
• Question 2446: If elasticity of demand is greater than I and less than infinity, demand is said to be Options:
  A) elastic
  B) perfectly inelastic
  C) inelastic
  D) perfectly elastic
  Show Answer
  The correct answer is A .
• Question 2447:

  One of these is not a way by which government encourage industrialization?

  Options:
  A) Protection of Infant industries
  B) Establishment of Nigeria Enterprises Promotion Decree
  C) Low Productivity and inefficiency
  D) Establishment of higher institutions
  Show Answer
  The correct answer is C .
• Question 2448: An example of a long-run cost of a firm is Options:
  A) fuel and maintenace cost
  B) the planned size of plant equipment
  C) the existing size of plant and equipment
  D) rent on buildings
  Show Answer
  The correct answer is D .
• Question 2449:

  The term M ${}^3$ comprises M ${}^1$ together with deposits on deposit account held by_______

  Options:
  A) banks only
  B) discount houses only
  C) banks and discount houses
  D) banks, discount houses and stock, exchanges
  Show Answer
  The correct answer is C .
• Question 2450:

  The question below is based on the table below:

  The international production set for Nigeria and Austria is:

  $\begin{array}{ccc}\text{Products}& \text{Nigeria}& \text{Austria}\\ \text{Cocoa}& 20\text{ tonnes}& 12\text{ tonnes}\\ \text{Lace}& 10\text{ meters}& 8\text{ meters}\end{array}$

  From the table, it can be deduced that?

  Options:
  A) Nigeria should produce cocoa and lace
  B) Austria should produce cocoa and lace
  C) Nigeria can benefit from producing lace only
  D) Nigeria should not produce any of the products because of her relative disadvantages
  E) Austria should produce lace and Nigeria should produce cocoa
  Show Answer
  The correct answer is E .