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 601: The slow pace of industrial growth in Nigeria can be attributed to? Options:
  A) overdependence on the oil sector
  B) inadequate number of unskilled labour
  C) lack of raw materials
  D) inadequate infrastructural facilities
  Show Answer
  The correct answer is D .
• Question 602: Which of the following is true about the value of money? Options:
  A) it varies inversely with the price level
  B) it varies directly with the price level
  C) it depreciates in the period of deflation
  D) it is not affected by the price level
  Show Answer
  The correct answer is A .
• Question 603: Dumping in international trade means selling a goods at a Options:
  A) higher price at home than abroad
  B) lower price at home than abroad
  C) price that equates marginal cost with marginal revenue
  D) price above marginal cost abroad
  Show Answer
  The correct answer is A .
• Question 604: Average product is less than marginal product when Options:
  A) there is constant returns to scale
  B) there is increasing returns to scale
  C) there is decreasing returns to scale
  D) diminishing returns set in
  Show Answer
  The correct answer is C .
• Question 605: Which type of business organization has the attribute effectively combining management with control? Options:
  A) sole proprietorship
  B) Partnership
  C) Limited liability company
  D) Co-operatives
  Show Answer
  The correct answer is A .
• Question 606:

  The Nigerian bank for commerce and industry is?

  Options:
  A) a commercial bank
  B) a development bank
  C) an industrial bank
  D) a merchant bank
  Show Answer
  The correct answer is B .
• Question 607: The active intervention of the central authorities in the management of a country's economy rest upon the? Options:
  A) failure of the market force to produce satisfactory result
  B) superiority of the centrally planned economy over the private enterprise economy
  C) result-oriented nature of the private enterprise economy
  D) cost-minimization strategy of a mixed economy
  Show Answer
  The correct answer is A .
• Question 608: With a given level of money income, a consumer maximizes satisfaction from the consumption of goods and services when the? Options:
  A) total utility derived from each goods and services is increasing at an increasing rate
  B) marginal utility derived from each good or service is increasing at the same rate
  C) marginal utility derived per naira spent is the same for all the goods and services
  D) total utility derived from all the goods and services is large
  Show Answer
  The correct answer is C .
• Question 609:

  Economic problem occurs when

  Options:
  A) There is scarcity relative to demand
  B) All raw materials are imported
  C) Many people are out of work
  D) There are no buyers for our goods
  Show Answer
  The correct answer is A .
• Question 610: The following equations relate to an open economy with a government sector. E = aggregate expenditure on domestically produced goods, C = Consumption, I = Investment, G = Government expenditure, T = taxes, M = imports, X = Exports. Which equation is correct Options:
  A) E = C + I + G
  B) E = C + I + G + M – X
  C) E = C + I + G + X – M
  D) E = C + I + G – T + M – X
  Show Answer
  The correct answer is C .