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 461: The most important requirement for increasing agriculture output in Nigeria is? Options:
  A) for the government to go into large scale farming
  B) to employ relevant foreign technology and reform the land tenure system
  C) to increase farmers'incomes and improve the farming techniques
  D) to employ more extension workers
  Show Answer
  The correct answer is C .
• Question 462: One of the roles of NNPC in the production and refining of crude oil is to? Options:
  A) secure maximum government revenue and regulate price
  B) prevent the smuggling of petroleum products
  C) satisfy the domestic consumption of petroleum products
  D) protect the local operators in the petroleum industry
  Show Answer
  The correct answer is C .
• Question 463: Government intervention in an economy is often justified on the group that? Options:
  A) wants are unlimited while resources are scarce
  B) productivity is higher in the public than in the private sector
  C) free market may not work, or produce desirable results
  D) opportunity cost of government expenditure is zero
  Show Answer
  The correct answer is A .
• Question 464: When an economy is having a balance of payment surplus the best alternative opened to it is to Options:
  A) borrow from abroad
  B) devalue its currency
  C) increase its foreign reserve
  D) promote imports into the country
  E) sell out its foreign assets
  Show Answer
  The correct answer is C .
• Question 465:

  

  The average total cost when 20 units are produced is

  Options:
  A) ₦20.00
  B) ₦23.00
  C) ₦13.00
  D) ₦15.00
  Show Answer
  The correct answer is D .
• Question 466:

  $$\begin{array}{|cccccccc|}\hline \text{Q (ton)}& 400& 500& 600& 700& 800& 900& 1000\\ \text{TC (N)}& 16000& 18000& 19800& 21000& 24000& 31500& 40000\\ \text{TR (N)}& 20000& 22500& 24000& 24500& 25000& 18000& 15000\\ \hline\end{array}$$

  The table gives the various levels of output (Q) and its corresponding total cost of production. (ITC) and total revenue (TR) for a firm. Which output level Q results in maximum profit?

  Options:
  A) 400
  B) 500
  C) 600
  D) 700
  Show Answer
  The correct answer is B .
• Question 467: In a perfect competition, every firm is a price? Options:
  A) maker
  B) taker
  C) giver
  D) bidder
  Show Answer
  The correct answer is B .
• Question 468: In an inflationary period which of the following statements is NOT true? Options:
  A) Wages rise simultaneously with prices
  B) The purchasing power of money diminishes
  C) More money runs after a limited quantity of goods
  D) Money supply increases
  E) Aggregate real demand exceeds aggregate real supply
  Show Answer
  The correct answer is A .
• Question 469: Which of the following is not a function of the money market? Options:
  A) Provision of finance
  B) enhance loan savings
  C) creation of long term
  D) Provision of finance
  Show Answer
  The correct answer is C .
• Question 470: 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 .