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 641: The petroleum industry in Nigeria is? Options:
  A) the sole source of the nation's revenue
  B) the oldest industry in the country
  C) the mainstay of the economy
  D) a factor in the decline in the nation's foreign reserves
  Show Answer
  The correct answer is D .
• Question 642:

  

  At what level of input has diminishing marginal returns set in?

  Options:
  A) 3
  B) 16
  C) 20
  D) 22
  Show Answer
  The correct answer is A .
• Question 643: The demand for factors of production is an example of? Options:
  A) joint demand
  B) competitive demand
  C) derived demand
  D) composite demand
  Show Answer
  The correct answer is C .
• Question 644: Choice in economic life is necessitated by? Options:
  A) the need to construct scale of preference
  B) the opportunity cost of consumption
  C) unlimited wants
  D) scarcity of economic resources
  Show Answer
  The correct answer is D .
• Question 645: Division of labour means Options:
  A) dividing the labour into different categories
  B) splitting the process of production into different parts to be completed by each person
  C) dividing the goods and services into different sections
  D) assigning different duties to labourers
  E) group of labourers working in a factory or shop
  Show Answer
  The correct answer is B .
• Question 646: From an economic point of view, an activity does not have a cost when Options:
  A) someone else pays for it
  B) the returns are greater than the cost
  C) the choice involves giving up nothing
  D) the government pays for it
  E) it is paid for from a gift
  Show Answer
  The correct answer is C .
• Question 647: The non-bank financial institutions that are entrusted with workers contributions towards retirements are Options:
  A) Mortgage institutions
  B) Investment companies
  C) Pension funds custodians
  D) Pension funds administrators
  Show Answer
  The correct answer is C .
• Question 648:

  The rate of output per worker (or group of workers) per unit time is called

  Options:
  A) labour productivity
  B) total output
  C) individual output
  D) workdone
  Show Answer
  The correct answer is C .
• Question 649: One major factor that determines the location of an industry is Options:
  A) tax exemption grant
  B) its proximity to the market
  C) the capital base
  D) the social responsibility of the firm
  Show Answer
  The correct answer is B .
• Question 650: To compare the standard of living among nations, the most widely used economic indicator is the Options:
  A) real gross national income
  B) real domestic output
  C) real per capita income
  D) per capita nominal income
  Show Answer
  The correct answer is C .