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 2121: Localization of industry is encouraged because of ________ Options:
  A) low interest charges on loans
  B) improvements in infrastructure
  C) low foreign exchange rate
  D) high standard of living
  Show Answer
  The correct answer is D .
• Question 2122: Guided deregulation as currently practised in Nigeria implies that Options:
  A) market force determine interest and exchange rates
  B) government alone determines interests and exchange rates
  C) market forces and government determine interest and exchange rates
  D) exchange rate is regulated while interest rate is fixed
  Show Answer
  The correct answer is C .
• Question 2123:

  The population of country X in 1990 was 35 million.

  The births were 450,000 while it recorded 210,000 death. If in the year, its immigrants were 20,000 and 10,000 of its citizen left the country, calculate the total population of the country at the end of 1990.

  Options:
  A) 24,250,000
  B) 25,350,000
  C) 34,750,000
  D) 35,250,000
  Show Answer
  The correct answer is D .
• Question 2124: All of the following EXCEPT ONE are normal functions of the marketing board in Nigeria Options:
  A) Price stabilization
  B) Efficient marketing of agriculture crops
  C) Provision of funds for building access roads
  D) Development of the agricultural industry
  E) Establishment of agro-allied industries
  Show Answer
  The correct answer is C .
• Question 2125: The foreign exchange rate of a country is Options:
  A) the interest rate fixed by the central bank
  B) the price of one national currency in terms of another
  C) the rate at which the central bank issues money
  D) the rate of interest on government bonds
  E) None of the above
  Show Answer
  The correct answer is B .
• Question 2126: Privatization of government-owned companies means the? Options:
  A) relinquishing of government equility participation to private individuals
  B) recapitalization of distressed government-owned companies
  C) joint paticipation of government and private individuals
  D) commercialization and deregulation of the economy
  Show Answer
  The correct answer is A .
• Question 2127: Given that TC = TFC + TVC and TR = AR x Q, profit is equal to Options:
  A) (AR + Q) - TFC
  B) $\frac{\text{(TFC + TVC)}}{Q}$
  C) (AR x Q) - TC
  D) $\frac{\text{(TC x Q)}}{AR}$
  Show Answer
  The correct answer is C .
• Question 2128:

  

  In the diagram above what happens when the minimum wage is fixed at OW?

  Options:
  A) Unemployment is reduced
  B) Unemployment results
  C) The demand schedule will shift
  D) the supply schedule will become steeper
  Show Answer
  The correct answer is B .
• Question 2129: The output at which total revenue equals total cost is known as? Options:
  A) profit-maximizing output
  B) break even level output
  C) loss-minizing output
  D) least-cost output
  Show Answer
  The correct answer is B .
• Question 2130:

  

  Calculate the total number of people engaged in tertiary production from the data above

  Options:
  A) 5,000,000
  B) 6,250,000
  C) 11,750,000
  D) 12,250,000
  Show Answer
  The correct answer is B .