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 2631: The demand for a commodity for the sake of what it will yield is Options:
  A) competitive demand
  B) composite demand
  C) effective demand
  D) joint demand
  Show Answer
  The correct answer is A .
• Question 2632: The law of variable proportions is applicable only Options:
  A) in the long-run period
  B) to large-scale enterprises
  C) to small-scale enterprises
  D) in the short-run period
  Show Answer
  The correct answer is A .
• Question 2633: Imperfect market is characterized by Options:
  A) perfect mobility of factors of production
  B) many buyers and few sellers
  C) a large number of buyers and sellers
  D) non-preferential treatment
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  The correct answer is B .
• Question 2634: 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
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  The correct answer is D .
• Question 2635: A primary industry is concerned with? Options:
  A) extraction of resources in their raw states
  B) the operation of small scale enterprises
  C) the economic activities of primary producers
  D) clearing and cultivation of land only
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  The correct answer is A .
• Question 2636: If the marginal propensity to consume is 0.75 and private investment increases by N10 billion while government expenditure decreases by N15 billion, GDP will decrease by? Options:
  A) N12 billion
  B) N15 billion
  C) N20 billion
  D) N25 billion
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  The correct answer is D .
• Question 2637: The slow pace of industrial growth in Nigeria can be attributed to__________? Options:
  A) lack of raw materials
  B) lack of market for produce
  C) inadequate skilled labour
  D) over-dependence on the oil sector
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  The correct answer is D .
• Question 2638: The term of trade often measured by the ratio of the index of export Options:
  A) divided by the index of import prices multiplied by 100
  B) multiplied by the index of import prices
  C) plus the index of import prices multiplied by 100
  D) minus the index of import prices
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  The correct answer is A .
• Question 2639: A Nigerian household's demand curve for semovita is downward because? Options:
  A) the demand for semovita is high
  B) the loal markets are flooded with semovita
  C) it is produced in Nigeria
  D) every household can afford to buy semovita
  E) higher prices attract lower quantities while lower prices attract larger quantities
  Show Answer
  The correct answer is D .
• Question 2640:

  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 .