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 281: Which of the following is a characteristic of private enterprises? Options:
  A) business risks are borne by the buyers
  B) capital is provided by the public
  C) control and management of the business is in the hands of customer
  D) the business is owned and run by government
  E) The main aim of setting up the business is to maximize profit
  Show Answer
  The correct answer is E .
• Question 282:

  Production possibilities(alternatives)

  P Q R S T

  Units of shelter 5 4 3 2 0

  Units of food 0 5 9 12 15 Basedon the above production possibilities table, the real cost of a unit of food when alternative R is selected is?

  Options:
  A) one unit of shelter
  B) three units of shelter
  C) one third of a unit of shelter
  D) six units of shelter
  E) two units of shelter
  Show Answer
  The correct answer is C .
• Question 283:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 284: 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 285: One of the characteristics of free trade zone is Options:
  A) common tariff against non-member countries
  B) different trade policies of non-member countries
  C) free factor mobility within the zone
  D) harmonized trade among member countries
  Show Answer
  The correct answer is D .
• Question 286: The distinction between capital and recurrect expenditure lies in the Options:
  A) nature of the goods and services to be provided
  B) time frame of the expenditure
  C) source of the revenue generated
  D) amount of expenditure involved
  Show Answer
  The correct answer is B .
• Question 287:

  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 288: The solution to problem of how to produce in a capitalist economy is solved by Options:
  A) combining aid labour means of production
  B) the producers involves
  C) using capital Intensive method of production
  D) using labour intensive method of production
  E) using the method of production with the least cost
  Show Answer
  The correct answer is B .
• Question 289: Government can boost agricultural output in Nigeria primarily by Options:
  A) embarking on buffer stock programmes
  B) placing embargo on food importation
  C) granting subsidies on farm inputs
  D) placing farmers on monthly income
  Show Answer
  The correct answer is C .
• Question 290: A decrease in aggregate spending in an economy will ultimately lead to Options:
  A) boom
  B) inflation
  C) deflation
  D) recession
  Show Answer
  The correct answer is C .