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 1241: Petroleum has the following positive contributions to the Nigerian economy except Options:
  A) Generate employment
  B) Source of government revenue
  C) development of mono economy
  D) Infrastructure development
  Show Answer
  The correct answer is C .
• Question 1242: Which of the following is NOT a type of business ownership? Options:
  A) Debenture holding
  B) private company
  C) Parnership
  D) Joint Stock venture
  Show Answer
  The correct answer is A .
• Question 1243: The terms of trade are said to be favorable only if Options:
  A) Value of total exports equals value of total imports
  B) Value of merchandise exports is greater than value of merchandise imports
  C) There are no balance of payments problems
  D) There is an increase in the value of a unit of export in terms of imports
  E) Foreign exchange reserves do not change
  Show Answer
  The correct answer is D .
• Question 1244: The labour force of a country can be determined by examining the Options:
  A) age structure of the population
  B) sex distribution of the population
  C) geographical distribution of the population
  D) occupational distribution of the population
  Show Answer
  The correct answer is A .
• Question 1245: In a public company, enterpreneurial functions are performed by the? Options:
  A) workers
  B) shareholders
  C) general manager
  D) board of directors
  Show Answer
  The correct answer is D .
• Question 1246: The petro- chemical industries are located in the River State of Nigeria due to? Options:
  A) favourable climate
  B) favourable soil
  C) oil deposits
  D) palm oil products
  E) coal deposit
  Show Answer
  The correct answer is C .
• Question 1247:

  The demand curve facing the monopolist in the foreign market is__________

  Options:
  A) Elastic
  B) Inelastic
  C) Perfectly elastic
  D) Unitary
  Show Answer
  The correct answer is C .
• Question 1248:

  

  In the diagram above, D_oD_o is the original demand curve, S_oS_o is the original supply curve, D₁D₁ is the new demand curve. What is the new equilibrium quantity?

  Options:
  A) Q₁
  B) Q₂
  C) Q₃
  D) Q₄
  Show Answer
  The correct answer is B .
• Question 1249: Production is said to be completed when? Options:
  A) goods and services reach the consumers
  B) prices of goods and services are determined
  C) goods are sold to the wholesaler
  D) goods are packaged
  Show Answer
  The correct answer is A .
• Question 1250: The high rate of inflation in Nigeria can be attributed to Options:
  A) increasing cost of production
  B) the appreciation of the naira
  C) decreasing cost of production
  D) high capacity utilization
  Show Answer
  The correct answer is A .