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 1891: The most dominant economic activity which employs the largest number of people in West Africa is? Options:
  A) manufacturing
  B) transport
  C) government
  D) agriculture
  E) the petroleum industry
  Show Answer
  The correct answer is D .
• Question 1892: The higher the price of capital relative to the price of labour, the more production techniques should be? Options:
  A) labour-intensive
  B) capital-intensive
  C) fixed
  D) technology-intensive
  Show Answer
  The correct answer is B .
• Question 1893: Public ownership of productive factors is a feature of_______? Options:
  A) Socialism
  B) Capitalism
  C) Feudalism
  D) Mixed economy
  Show Answer
  The correct answer is A .
• Question 1894: An important role of agriculture in Nigeria's economic development is the Options:
  A) processing of raw materials for industries
  B) regulation of price system
  C) provision of infrastructure
  D) provision of employment
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  The correct answer is D .
• Question 1895: Money may not be accepted as a store of value if? Options:
  A) its value is unstable
  B) it is easily transferable
  C) its value is stable
  D) it is easily divisible
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  The correct answer is A .
• Question 1896: Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct? Options:
  A) The value of industrial exports is declining
  B) The value of industrial imports is constant
  C) The share of agricultural exports is increasing
  D) The share of agricultural export is decreasing
  E) The value of mineral export is declining
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  The correct answer is D .
• Question 1897: An increase in government expenditure will lead to? Options:
  A) investment opportunities for foreign investors
  B) an increase in the level of aggregate demand
  C) an increase in total tax revenue
  D) reduction in total tax revenue
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  The correct answer is B .
• Question 1898: Division of labour means Options:
  A) dividing the labour into different categories
  B) splitting the process of production into different parts to be completed by each person
  C) dividing the goods and services into different sections
  D) assigning different duties to labourers
  E) group of labourers working in a factory or shop
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  The correct answer is B .
• Question 1899: If additional unit of a variable factor input causes a fall in the marginal product, this implies that Options:
  A) Total product starts declining
  B) Average product has become zero
  C) Diminishing returns has set in
  D) Increasing returns is operating
  Show Answer
  The correct answer is C .
• Question 1900: The monetization policy is an offshoot of Options:
  A) NEEDS
  B) SAP
  C) PAYE
  D) MDGs
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  The correct answer is A .