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 731: 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 732:

  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 733: Opportunity cost is a term which describe Options:
  A) The initial cost of setting up a business venture
  B) Cost of one product in terms of foregone production of others
  C) The monetary equivalent of the utility of commodity
  D) Cost related to an optimum level of production
  E) Implicit cost
  Show Answer
  The correct answer is B .
• Question 734:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 735: The main reason for charging interest is to? Options:
  A) reward enterpreneurial effort
  B) redistribute profits
  C) reward investors for present use of profits
  D) mobilize more funds for development
  Show Answer
  The correct answer is C .
• Question 736: Which of these should determine, in a planned economy how the factor of production are to be allocated among different production activities Options:
  A) Fairness
  B) The distribution of income and wealth
  C) Public need which is determined by the government
  D) Private needs determined by the market
  E) The ability of individual to make profit
  Show Answer
  The correct answer is C .
• Question 737: Because money serves as a standard for deferred payments Options:
  A) it serves as a store of value
  B) goods can be bought on credit with pre-determined value
  C) future trade becomes possible
  D) it serves as a unit of account
  E) it becomes valuable
  Show Answer
  The correct answer is B .
• Question 738: Double counting is a problem in computing national income when using the Options:
  A) expenditure method
  B) income method
  C) output method
  D) value-added method
  Show Answer
  The correct answer is D .
• Question 739:

  

  The percentage contribution of the transport sector is:

  Options:
  A) 600.0
  B) 166.7
  C) 60.0
  D) 16.7
  Show Answer
  The correct answer is D .
• Question 740: Average fixed cost is Options:
  A) Average total cost less the sum of average variable cost
  B) Half the sum of all costs
  C) Total fixed cost divided by the level of output
  D) Total fixed cost plus marginal cost
  Show Answer
  The correct answer is C .