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 2981: The deregulation of the petroleum sector in Nigeria will bring about Options:
  A) efficiency in pricing and distribution of the products
  B) an end to the importation of fuel
  C) an end to foreign firms' dominance
  D) fixing appropriate production quotas
  Show Answer
  The correct answer is A .
• Question 2982: If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is Options:
  A) excise duties
  B) import duties
  C) quotas
  D) tariff
  Show Answer
  The correct answer is C .
• Question 2983:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 2984:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 2985:

  If the United Kingdom buys gold for $60 an ounce and Nigeria buys the same ounce for ₦500, what will be United Kingdom's exchange rate with Nigeria?

  Options:
  A) $0.05 = ₦1.00
  B) $0.06 = ₦1.00
  C) $0.11 = ₦1.00
  D) $0.12 = ₦1.00
  Show Answer
  The correct answer is D .
• Question 2986:

  

  The diagram represents a production function. At which of the points does diminishing returns set in

  Options:
  A) I
  B) J
  C) K
  D) L
  Show Answer
  The correct answer is B .
• Question 2987: The function of money which makes division of labour possible is its Options:
  A) unit of account
  B) store of value
  C) medium of exchange
  D) standard of deferred payment
  Show Answer
  The correct answer is C .
• Question 2988: During the era of barter, money was generally in the form of Options:
  A) notes
  B) precious metals
  C) coins
  D) commodities
  Show Answer
  The correct answer is D .
• Question 2989:

  Use the table below to answer the question below;

  The international production set for Nigeria and Austria is;

  Products	Nigeria	Austria
  Cocoa	20 tonnes	12 tonnes
  Lace	1o metres	8 metres

  From the table, it can be deduced that_______

  Options:
  A) Nigeria should produce cocoa and lace
  B) Nigeria can benefit from producing lace only
  C) Austria should produce lace and Nigeria should produce cocoa
  D) Austria should produce cocoa and lace
  Show Answer
  The correct answer is C .
• Question 2990: To an individual, the term cost will include expenditure on the following EXCEPT Options:
  A) clothing
  B) Entertainment
  C) housing
  D) payment of school fees
  E) settling national debts
  Show Answer
  The correct answer is E .