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 481: The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing Options:
  A) increasing efficiency
  B) economies of scale
  C) diseconomies of scale
  D) increasing marginal returns
  Show Answer
  The correct answer is C .
• Question 482:

  All of the following describes conditions necessary for existence of a perfect market EXCEPT

  Options:
  A) lack of homogeneity of goods
  B) perfect knowledge
  C) large buyers and sellers
  D) portability of goods
  Show Answer
  The correct answer is A .
• Question 483: All the following are factors that would bring about a change in supply except Options:
  A) level of technology
  B) government policy
  C) Entry of new firms
  D) Price of the commodity
  Show Answer
  The correct answer is D .
• Question 484: In order to accelerate economic development, a country must? Options:
  A) stimulate her population growth rate
  B) pursue a high population growth rate
  C) pursue a rational population policy
  D) pursue an incremental population policy
  Show Answer
  The correct answer is C .
• Question 485:

  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 486: A society which forgoes present consumption Options:
  A) is forced to do so because of excessive consumption within the country in the past
  B) is devoting new resources to new capital formation
  C) is merely devoting resources to the replacement of capital
  D) expects to consume only that amount tomorow which was forgone today
  Show Answer
  The correct answer is B .
• Question 487:

  $\begin{array}{cc}\text{Capital consumption allowance}& \text{N20,000}\\ \text{Gross domestic production}& \text{N60,000}\\ \text{Factor payment to foreigners}& \text{N10,000}\\ \text{Factor income from abroad}& \text{N15,000}\end{array}$

  From the above table, calculate the Gross National Product.

  Options:
  A) ₦70,000
  B) ₦75,000
  C) ₦50,000
  D) ₦60,000
  Show Answer
  The correct answer is B .
• Question 488: An important contribution of small-scale industries to the Nigerian economy is in the area of Options:
  A) technological development
  B) foregin exchange earnings
  C) raw materials processing
  D) labour employment
  Show Answer
  The correct answer is D .
• Question 489: One of the major causes of farmers' unstable income in Nigeria is _________ Options:
  A) the effect of diseases and pests
  B) industrial pollution
  C) mining and extraction activities
  D) population growth
  Show Answer
  The correct answer is A .
• Question 490: Collectivism refers to the system of management of state enterprises in a? Options:
  A) mixed economy
  B) co-operative organization
  C) capitalist economic system
  D) socialist economy
  Show Answer
  The correct answer is D .