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 821: Because most of her crude oil is exported, the foreign exchange earnings and the forward linkage effects Nigeria realize from her oil production are? Options:
  A) both high
  B) respectively high and low
  C) respectively low and high
  D) both low
  Show Answer
  The correct answer is B .
• Question 822: Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without visa for a period of? Options:
  A) 14 days
  B) 30 days
  C) 60 days
  D) 90 days
  E) 100 days
  Show Answer
  The correct answer is D .
• Question 823:

  Institutions serving as links between surplus and deficit units can be identified as

  Options:
  A) tax officers
  B) pension offices
  C) financial intermediates
  D) acceptance houses
  Show Answer
  The correct answer is C .
• Question 824: The short-run inelasticity of supply of agricultural produce causes Options:
  A) stability in prices
  B) a steady rise in prices
  C) a steady decline in prices
  D) instability in prices
  Show Answer
  The correct answer is B .
• Question 825: 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 826: The demand made on each other by the agriculture and industrial sector as the economy grows are reflected in? Options:
  A) backward and forward linkages
  B) horizontal and vertical linkages
  C) vertical linkages
  D) functional linkages
  Show Answer
  The correct answer is A .
• Question 827: The downward sloping part of the long-run average cost curve of a firm may be attributable to? Options:
  A) diminishing returns
  B) the law of variable proportions
  C) diseconomies of scale
  D) increasing returns to scale
  Show Answer
  The correct answer is D .
• Question 828: The Malthusian theory of population predicts that growth in food production will? Options:
  A) keep pace with population growth
  B) be at a faster rate than population growth
  C) be at a slower rate tthan population growth
  D) be more rapid than population growth in the developing countries
  Show Answer
  The correct answer is C .
• Question 829: During the era of barter, money was generally in the form of Options:
  A) notes
  B) precious metals
  C) coins
  D) commodities
  Show Answer
  The correct answer is D .
• Question 830: Which of the following is likely to be inflationary? Options:
  A) Tax increase
  B) increase in unemployment
  C) Budget surplus
  D) Wages increase
  Show Answer
  The correct answer is D .