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 111: The loading of crude oil at the terminal is an activity in the Options:
  A) downstream sector of the oil industry
  B) upstream and downstream sector of the oil industry
  C) upstream sector of the oil industry
  D) midstream and upstream sectors of the oil industry
  Show Answer
  The correct answer is A .
• Question 112: In the agricultural sector, improved extension services facilitate? Options:
  A) acquistion of techniques
  B) arable crop production
  C) mobility of labour
  D) livestock production
  Show Answer
  The correct answer is A .
• Question 113: Which of the following is an external economy derived by a firm? Options:
  A) Low cost opportunities enjoyed by being in a place where other producers concentrate
  B) Technical economics enjoyed by varying the factors of production
  C) Economics of management by putting administrators where the are most efficient
  D) marketing advantages attained through preferential treatment in the purchase and distribution of produce
  Show Answer
  The correct answer is A .
• Question 114: Age-structure in Nigeria is such that the working age-group is in the years Options:
  A) 1-15
  B) 15-65
  C) 30-40
  D) 40-65
  E) 65 and above
  Show Answer
  The correct answer is B .
• Question 115: An effect of inflation is that it? Options:
  A) discourages trade by barter
  B) favours debtors at the expense of creditors
  C) increases the real income of salary earners
  D) increases the value of a country's exports
  Show Answer
  The correct answer is B .
• Question 116: Disposable income is total income Options:
  A) less tax
  B) divided by tax
  C) plus tax
  D) multiplied by tax
  Show Answer
  The correct answer is A .
• Question 117:

  Inflation is likely to benefit_______

  Options:
  A) Debtors
  B) Persons with back savings
  C) Creditors
  D) Persons who lived on fixed pension funds
  Show Answer
  The correct answer is A .
• Question 118: The most important requirement for increasing agriculture output in Nigeria is? Options:
  A) for the government to go into large scale farming
  B) to employ relevant foreign technology and reform the land tenure system
  C) to increase farmers'incomes and improve the farming techniques
  D) to employ more extension workers
  Show Answer
  The correct answer is C .
• Question 119: When a firm is reaping economies of large-scale production, it experiences a fall in its? Options:
  A) long-run marginal cost
  B) long-run average cost
  C) long-run total cost
  D) short-run marginal cost
  Show Answer
  The correct answer is B .
• Question 120: Devaluation is effective when? Options:
  A) demand for imports is price inelastic
  B) demand for imports is neutral
  C) production for export is low
  D) demand for exports is price elastic
  Show Answer
  The correct answer is D .