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 361: Upstream oil activities involve the Options:
  A) exploration of crude oil
  B) refining of crude oil
  C) marketing of finished products
  D) management of pollution
  Show Answer
  The correct answer is A .
• Question 362:

  Which of the following industries will add more value to primary products?

  Options:
  A) Service industry
  B) Construction industry
  C) Mining industry
  D) Processing industry
  Show Answer
  The correct answer is C .
• Question 363: A smaller industry that grows to cater for the need of the major industry is Options:
  A) subsidiary industry
  B) constructive industry
  C) manufacturing industry
  D) infant industry
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  The correct answer is A .
• Question 364: The problem of planning in Nigeria is mainly in the Options:
  A) implementation of the plans
  B) appraisal of the plans
  C) allocation of scarce resources
  D) articulation of the plans
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  The correct answer is A .
• Question 365: Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the? Options:
  A) interest rate
  B) returns on capital
  C) alternative capital foregone
  D) shadow price of foreign exchange
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  The correct answer is B .
• Question 366: Idle cash balances are held for Options:
  A) planned purchases
  B) the purchase of bonds
  C) the purchase of shares
  D) unplanned purchases
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  The correct answer is D .
• Question 367: Which of the following statements bestdescribes the relationship between average product and marginal products? Options:
  A) Marginal product and average product curves rise and falls together
  B) Marginal product equals average product at the minimum point of the latter
  C) Average product curve will rise as product is greater than average product
  D) Marginal product at the maximum point of the fomer
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  The correct answer is B .
• Question 368: Given the present state of the Nigeria economy,which of the following measures will promote more rapid economic development? Options:
  A) Complete dependence on oil exports
  B) concentration on agricultural exports
  C) Diversification of the economy
  D) Building of more schools and universities
  E) Introductionn of nuclear energy in Nigeria
  Show Answer
  The correct answer is C .
• Question 369: The major function of the wholesaler to his customers is? Options:
  A) breaking of bulk
  B) offering personal services
  C) stocking a variety of goods
  D) providing transport facilities
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  The correct answer is A .
• Question 370: which of the following is an important function of the retailer? Options:
  A) Grant credit to the wholesaler
  B) Breaks bulk and sales product in small units
  C) Reduces cost of distribution
  D) Generates demand for production through advertisement
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  The correct answer is B .