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 31: A major obstacle to rapid agricultural development in Nigeria is the? Options:
  A) ineffective use of crude implements
  B) inability of farmers to adopt modern technology
  C) introduction of the Green Revolution programme
  D) declining population growth rate
  Show Answer
  The correct answer is B .
• Question 32: Resources are efficiently allocated when production takes place at that output where price equals? Options:
  A) marginal revenue
  B) average variable cost
  C) marginal cost
  D) toal cost
  Show Answer
  The correct answer is A .
• Question 33:

  

  What is the marginal productivity when the number of workers is increased from 2 to 3?

  Options:
  A) 8kg
  B) 20kg
  C) 60kg
  D) 180kg
  Show Answer
  The correct answer is A .
• Question 34: The most common index used for measuring development is? Options:
  A) the level of literacy
  B) per capita income
  C) nutritional levels
  D) population growth rate
  Show Answer
  The correct answer is B .
• Question 35: The active intervention of the central authorities in the management of a country's economy rest upon the? Options:
  A) failure of the market force to produce satisfactory result
  B) superiority of the centrally planned economy over the private enterprise economy
  C) result-oriented nature of the private enterprise economy
  D) cost-minimization strategy of a mixed economy
  Show Answer
  The correct answer is A .
• Question 36: We can classify the people of Nigeria into three broad age group :Group one, 0-15years ; Group Two,16-64years; Group Three, 65years and above. Group Two is the most important economically because Options:
  A) it is the dependent population of Nigeria, economically
  B) all student in Nigeria are in this group
  C) more than 50% of all Nigerians are in this group
  D) it is the most expensive group of the economy
  E) it is the productive group of the economy
  Show Answer
  The correct answer is E .
• Question 37: The main reason for low agricultural produce in west Africa is need to Options:
  A) the presence of large-scale agro-allied industries
  B) high dependency ratio
  C) over dependence on agriculture for subsistence
  D) the use of crude implements in farming process
  Show Answer
  The correct answer is D .
• Question 38:

  Real cost is

  Options:
  A) Alternative commodities forgone
  B) Amount of money spent on goods and services
  C) Cost of goods and services
  D) True cost
  Show Answer
  The correct answer is C .
• Question 39:

  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 40: Comparison of interpersonal utility is impossible because Options:
  A) utility is measured in utils
  B) marginal utility is not observable
  C) utility is subjectively determined
  D) individual income differ
  Show Answer
  The correct answer is A .