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 301:

  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 302: In a public company, shares are? Options:
  A) sold to one person only
  B) distributed freely
  C) advertised to members of the public for subscription
  D) disposed by the Chief Executive
  Show Answer
  The correct answer is C .
• Question 303:

  

  If the pass mark was 40. how many students passed the examination?

  Options:
  A) 100
  B) 120
  C) 160
  D) 200
  Show Answer
  The correct answer is C .
• Question 304: Given the supply function P = 1/4(Qs+10) when P = N10, what is Qs? Options:
  A) 20
  B) 15
  C) 50
  D) 30
  Show Answer
  The correct answer is A .
• Question 305:

  If wage rate is less than the average revenue product, the firms would be earning________

  Options:
  A) loss
  B) super normal profit
  C) normal profit
  D) higher revenue
  Show Answer
  The correct answer is B .
• Question 306: 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 .
• Question 307:

  The money paid per hour for work done is_________

  Options:
  A) cost
  B) salary
  C) bonus
  D) wage rate
  Show Answer
  The correct answer is D .
• Question 308: The biggest source of government revenue in Nigeria is Options:
  A) mining, rents and royalties
  B) company income tax
  C) import duties
  D) export duties
  E) petroleum profit tax
  Show Answer
  The correct answer is E .
• Question 309: Which of these is not usually the function of a wholesaler? Options:
  A) Transport
  B) Storage
  C) Advertising
  D) After-sale services
  E) Branding
  Show Answer
  The correct answer is E .
• Question 310: A commodity can be sold for two or more different prices if it is? Options:
  A) produced or sold by oligopoly
  B) sold in perfect market
  C) produce or sold by monopsony
  D) produced or sold by monopoly
  E) produced or sold by perfect competition
  Show Answer
  The correct answer is D .