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 land tenure system in Nigeria impedes agricultural production because? Options:
  A) land fragmentation makes possible easy access to land ownership
  B) it discourages specialization of factors of production
  C) it limits opportunity for mass production of agricultral goods
  D) small land holders generally do not get enough fertilizer to use
  Show Answer
  The correct answer is C .
• Question 462:

  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 463:

  .............is presently used in Nigeria to measure inflation

  Options:
  A) GNP implicit price deflator
  B) Consumer price index
  C) Wholesale price index
  D) Real Gross Domestic Product
  Show Answer
  The correct answer is B .
• Question 464: 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 .
• Question 465:

  

  In thediagram above, what is the lowest possible price the monopolist could charge and still break even without there being excess demand?

  Options:
  A) P₁
  B) P₂
  C) P₃
  D) P₄
  Show Answer
  The correct answer is B .
• Question 466: Budget deficit is the amount by which? Options:
  A) total expenditure exceeds revenue
  B) recurrent expenditure exceeds revenue
  C) capital expenditure exceeds revenue
  D) recurrent expenditure exceeds capital expenditure
  Show Answer
  The correct answer is A .
• Question 467: If P = $\frac{1}{4}$(Qs + 10). What is the quantity supplied at N14? Options:
  A) 14
  B) 60
  C) 46
  D) 32
  Show Answer
  The correct answer is C .
• Question 468:

  Macroeconomics focuses on the following units in an aggregative manner

  Options:
  A) household, firms, government, corporate sector and external sector
  B) individual consumers, individual firms, government and external sector
  C) government, household firms, individual consumers and external sector
  D) individual consumers, household firms and manufacturing sector
  Show Answer
  The correct answer is A .
• Question 469: The Malthusian theory of population has been rendered ineffective by Options:
  A) government policies
  B) natural disasters
  C) birth contorl measures
  D) technical progress
  Show Answer
  The correct answer is D .
• Question 470: An emerging agricultural export crop in Nigeria is Options:
  A) cassava
  B) cotton
  C) cocoa
  D) soya beans
  Show Answer
  The correct answer is C .