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 81: Which is NOT an important factor responsible for high concentration of population in some part of Nigeria? Options:
  A) Climate influences
  B) Development of trade and markets
  C) Soil fertility
  D) Processing of petroleum oil
  E) Concentration of educational facilities
  Show Answer
  The correct answer is D .
• Question 82: What to produce in any society is determined by the? Options:
  A) expenditure of the people on different commodities
  B) competition among the different producers
  C) competition among the different consumers
  D) supply and demand in the factor markets
  Show Answer
  The correct answer is D .
• Question 83: As a producer' association, the OPEC expects its members to maintain production where marginal cost is? Options:
  A) greater than price
  B) less than price
  C) equal to price
  D) equal to average cost
  Show Answer
  The correct answer is B .
• Question 84: Which of the following is NOT include in measuring national income by the income approach? Options:
  A) Wages and salaries of public servant
  B) student grants and scholarship
  C) Profit of companies
  D) income earned by self employed persons such as lawyers
  E) Rents on property
  Show Answer
  The correct answer is B .
• Question 85:

  

  In thediagram above, what is the lowest possible price the monopolist could charge and still break even without there being excess demand?

  Options:
  A) P₁
  B) P₂
  C) P₃
  D) P₄
  Show Answer
  The correct answer is B .
• Question 86: Which is the dominant form of tax in Nigeria Options:
  A) Direct tax
  B) Indirect tax
  C) Inheritance tax
  D) Personal income tax
  E) Value added tax
  Show Answer
  The correct answer is A .
• Question 87: One of the major criticisms of the 1992-1968 National development Plan was that? Options:
  A) it failed to incorporate lessons gained from earlier plans to enhance its efficiency
  B) it came too quickly after the country's indepedence
  C) planned expenditure was based too heavily on expected earnings from crude oil
  D) its execution was based largely on foreign sourced financial resources
  Show Answer
  The correct answer is D .
• Question 88:

  In a sole proprietorship, the decisions are made by the ______

  Options:
  A) Government
  B) Management
  C) Owner
  D) Board of Directors
  Show Answer
  The correct answer is C .
• Question 89: if AC = Average Cost of production , TC = Total Cost of production VC = Variable Cost of production FC = Fixed Cost of production Q = Quantity of goods producedThen, Options:
  A) AC = TC; TC = VC + FC
  B) AC = (TC) Q: TC = VC + FC
  C) AC = TC; TC = (VC)(FC) Q
  D) AC = TC- FC: VC = TC- AC
  E) AC = TC ; TC = VC + AC Q
  Show Answer
  The correct answer is A .
• Question 90: The ultimate aim of agricultural policies in Nigeria is to achieve Options:
  A) food sufficiency
  B) industrialization
  C) full employment
  D) industrial capacity utilization
  Show Answer
  The correct answer is A .