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 751: A major factor militating against rapid industrialization in Nigeria is Options:
  A) inadequate skilled manpower
  B) poor market facilities
  C) poor transport facilities
  D) epileptic power supply
  Show Answer
  The correct answer is D .
• Question 752: Opportunity cost helps the government to: Options:
  A) Distribute money to citizens
  B) support better production
  C) remove competition
  D) prepare budget
  Show Answer
  The correct answer is D .
• Question 753: A high rent on land will affect the cost of producing maize Options:
  A) at the early stage of production
  B) negatively
  C) at the later stage of population
  D) positively
  Show Answer
  The correct answer is B .
• Question 754: Which of the following hinder(s) effective distribution of goods in Nigeria? Options:
  A) Branding and packaging of goods
  B) Good transportation network
  C) Large quantity of goods
  D) numerous middlemen
  E) Warehousing facilities
  Show Answer
  The correct answer is D .
• Question 755:

  

  If the economy of the country is operating at X, the implication is that

  Options:
  A) the productive capacity is being fully utilized
  B) the productive capacity is not being fully utilized
  C) too little of consumer goods is being produced
  D) there is a disequilibrium between the production of capital and consumer goods
  Show Answer
  The correct answer is B .
• Question 756:

  Wholesalers play an important in the distribution of goods and services because they

  Options:
  A) are located very close to consumers
  B) finance both producers and retailers
  C) pass information on from retailers to consumers
  D) sell in small units to consumers
  Show Answer
  The correct answer is B .
• Question 757:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 758:

  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 759: Unemployment resulting from physical or mental deficiency is known as……………unemployment. Options:
  A) cyclical
  B) disguised
  C) Frictional
  D) residual
  E) Voluntary
  Show Answer
  The correct answer is D .
• Question 760: When the average physical product curve is rising the marginal physical product is Options:
  A) below it
  B) above it
  C) falling
  D) zero
  E) None of the above
  Show Answer
  The correct answer is B .