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 941:

  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 942:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 943: Economics is the study of human behaviour as it relates to the Options:
  A) efficient allocation of resources
  B) production of goods
  C) operation of companies
  D) generation of income
  Show Answer
  The correct answer is A .
• Question 944: If government expenditure exceeds revenue, this result in Options:
  A) balanced budget
  B) national debt
  C) budget deficit
  D) budget surplus
  Show Answer
  The correct answer is C .
• Question 945:

  Which of the following is a major export crop in Nigeria?

  Options:
  A) cocoa
  B) coffee
  C) copper
  D) kola nut
  E) soy beans
  Show Answer
  The correct answer is A .
• Question 946: The cross-elasticity of demand between complementary goods is? Options:
  A) unitary
  B) positive
  C) zero
  D) negative
  Show Answer
  The correct answer is B .
• Question 947:

  Economics is often described as a social science because?

  Options:
  A) laboratory experiments are performed
  B) It makes use of controlled experiments
  C) It uses scientific methods to explain an observed phenomenon and predict future events
  D) It makes use of fieldwork
  Show Answer
  The correct answer is C .
• Question 948:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 949:

  Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________

  Options:
  A) Monopoly
  B) Oligopoly
  C) Monopolistic competition
  D) Perfect competition
  Show Answer
  The correct answer is B .
• Question 950: Disposable income in national income accounting is an income which Options:
  A) cannot be used again
  B) is available for consumption and saving
  C) is a available to disabled people
  D) must be wasted once and for all
  E) pensioners receive from the treasury board
  Show Answer
  The correct answer is B .