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 2671: The professional that view cost in term of alternatives sacrificed is the Options:
  A) accountant
  B) cashier
  C) economist
  D) manager
  E) tax collector
  Show Answer
  The correct answer is C .
• Question 2672: One of the economic problems of Nigeria today arises from? Options:
  A) the over utilization of human and natural resources
  B) unavailability of mineral resources
  C) inadequate manpower resources
  D) the under-utilization of human and natural resources
  Show Answer
  The correct answer is D .
• Question 2673: Industrial development in Nigeria can be encouraged through Options:
  A) signing WTO treaty
  B) granting subsidies
  C) the provision of efficient infrastructure
  D) direct government participation
  Show Answer
  The correct answer is B .
• Question 2674: How many National Development Plans did Nigeria have between 1960 and 1984? Options:
  A) One
  B) Two
  C) Four
  D) Five
  E) Six
  Show Answer
  The correct answer is C .
• Question 2675:

  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 2676: The efficiency of labour can be increased by? Options:
  A) constant training of workers
  B) retirement of workers on a regular basis
  C) engaging expatrirates only
  D) placing an embargo on recruitment
  Show Answer
  The correct answer is A .
• Question 2677:

  

  Applying the law of comparative costs, how many units of groundnuts will Nigeria produce?

  Options:
  A) 7000 units
  B) 16000 units
  C) 9000 units
  D) 8000 units
  Show Answer
  The correct answer is D .
• Question 2678:

  Commercial bank reserves at the Central Bank____________

  Options:
  A) advancing trade, prospects
  B) controlling credit and money supply
  C) reducing bank frauds
  D) discouraging banking operations
  Show Answer
  The correct answer is A .
• Question 2679:

  Which of the following are the advantages of Nigeria's membership of ECOWAS? i A greater opportunity for trade according to comparative cost advantage.

  Ii A large market industries producing under condition of decreasing cost.

  Iii Competition for home based monopoly firms

  Options:
  A) i and ii only
  B) i and iii only
  C) ii and iii only
  D) i,ii and iii
  Show Answer
  The correct answer is A .
• Question 2680:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .