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 2661:

  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 2662:

  A firm's average cost decreases in the long-run because of

  Options:
  A) increasing returns to scale
  B) diminishing average returns
  C) decreasing marginal returns
  D) decreasing average fixed cost
  Show Answer
  The correct answer is A .
• Question 2663: Which of the following advantages of localization of industries may also be a disadvantage? Options:
  A) External economies
  B) Concentration of industries and of people
  C) Development of organized markets
  D) Reduced costs of research
  Show Answer
  The correct answer is B .
• Question 2664:

  Which of these is not usually the function of a wholesaler?

  Options:
  A) Branding
  B) Storage
  C) Transport
  D) Advertising
  Show Answer
  The correct answer is A .
• Question 2665: The creation of physical and concrete goods that can be seen and handled Is Options:
  A) diminishing returns
  B) division of labour
  C) Industrialization
  D) production
  E) specialization
  Show Answer
  The correct answer is D .
• Question 2666: The following determine the level of consumption EXCEPT Options:
  A) expectation of price changes
  B) level of income
  C) savings
  D) the rate of taxes paid
  E) the political climate
  Show Answer
  The correct answer is E .
• Question 2667:

  Utility is the satisfaction derived from?

  Options:
  A) production
  B) distribution
  C) consumption
  D) demand
  Show Answer
  The correct answer is C .
• Question 2668: Scarcity in economics generally refers to Options:
  A) A period of feminine
  B) Monopolization of existing supply of resources
  C) Nationalization of sources of raw materials in Nigeria
  D) The control of outlets to sell goods
  E) None of the above
  Show Answer
  The correct answer is E .
• Question 2669: For normal goods the income elasticity of demand is? Options:
  A) positive
  B) negative
  C) zero
  D) infinite
  Show Answer
  The correct answer is A .
• Question 2670: The primary objective of all international economic organizations is to? Options:
  A) ensure that third world countries get a better share of the world's resources
  B) promote international economic co-operation for the mutual benefit of all members
  C) enforce structural adjustment programmes on less developed countries
  D) encourage exports from the developed to the less developed countries
  Show Answer
  The correct answer is B .