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 2951: Which of the following are examples of transfer payment Options:
  A) gift and donations
  B) rents and rates
  C) profit and dividends
  D) internal and external debts
  Show Answer
  The correct answer is A .
• Question 2952: 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
  Show Answer
  The correct answer is D .
• Question 2953: The meaningof 'Dumping' is selling goods in a foreign market Options:
  A) at a low price that recieved in the home market
  B) at a price higher than that recieved in the foreign market
  C) at a price equal to the cost price in the home market
  D) in order to encourage indigenous producers
  E) at a price equal to the selling price in the home market
  Show Answer
  The correct answer is A .
• Question 2954:

  A country's budget allocation to various sectors of the economy is shown in the pie chart.

  If the budget of the country was $7,200.00, how much is allocated to education?

  Options:
  A) $2,400.00
  B) $2,000.00
  C) $1,200.00
  D) $1,000.00
  Show Answer
  The correct answer is A .
• Question 2955:

  Number of workers	Total Products
  1	10
  2	28
  3	48
  4	72
  5	80

  Study the table above: What is the marginal product of the second worker?

  Options:
  A) 10
  B) 20
  C) 15
  D) 18
  E) 43
  Show Answer
  The correct answer is D .
• Question 2956: The difference between bar charts and histograms is that the former Options:
  A) are difference between bars adjoined to each other while the latter are separate bars divided Into sections
  B) are line graphs while the latter are rectangular bars
  C) are separate bars divided Into sections while the latter are line graphs
  D) has bars adjoined to each other while the latter has separate bars
  E) has bars separate from each other while the latter has bars adjoined to each other
  Show Answer
  The correct answer is E .
• Question 2957: Which is of the following is NOT among the financial institutions in Nigeria? Options:
  A) Federal Mortgage Bank
  B) Microfinance Banks
  C) Insurance Banks
  D) Federal Ministry of Finance
  Show Answer
  The correct answer is D .
• Question 2958: In economic life, choice among alternatives depends on the? Options:
  A) income of the decision maker
  B) scarcity of resources
  C) scale of preference of the decision maker
  D) status of the decision maker
  Show Answer
  The correct answer is C .
• Question 2959: When a union is composed of workers with the same skill,it is termed Options:
  A) a technical union
  B) a craft union
  C) an industrial union
  D) a workers' union
  Show Answer
  The correct answer is B .
• Question 2960: Given a base year and the price index of 175% the following year, which of the following year will arise? Options:
  A) The cost of living decreases of that year
  B) The cost of living remains unchanged
  C) The value of money rises by 75%
  D) The value of money falls by 75%
  Show Answer
  The correct answer is A .