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 41: The major source of Nigeria's foreign exchange is the export of? Options:
  A) skilled manpower
  B) palm kernel and cocoa
  C) crude oil
  D) groundnuts and cotton
  Show Answer
  The correct answer is C .
• Question 42: 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 43: NEPA as a public corporation is? Options:
  A) a power generating industry in Nigeria
  B) organized in a perfect competitive market
  C) a duopoly
  D) a monopolistically competitive industry
  E) a monopoly
  Show Answer
  The correct answer is E .
• Question 44: The main objectives of public expenditure does NOT include? Options:
  A) stabilization of national economy
  B) achievement of a more equitable income distribution
  C) meeting the social needs of the people
  D) revenue sharing and profit maximizationn
  Show Answer
  The correct answer is D .
• Question 45: An isoquant lying above to the right of another represents Options:
  A) a higher output level
  B) constant returns to scale
  C) over-capacity utilization
  D) a lower output level
  Show Answer
  The correct answer is A .
• Question 46: For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is Options:
  A) equal to marginal cost
  B) greater than marginal cost
  C) greater than average total cost
  D) equal to marginal revenue
  E) equal to toal revenue
  Show Answer
  The correct answer is B .
• Question 47:

  Collectivism refers to the management of state enterprises in a?

  Options:
  A) mixed economy
  B) co-operative organizations
  C) capitalist economic system
  D) socialist economy
  Show Answer
  The correct answer is D .
• Question 48: Which of the following is not true of the theory of optimum population? Options:
  A) It is possible for densely populated country to be underpopulated if it has insufficient labour to make the most effective use of its other factors
  B) The quantity of labour which combined with the other factors gives the minimum output is known as optimum population
  C) The quantity of labour which combined with the other factors, gives the maximum output, is known as optimum population
  D) The test for over-population is whether it exceed the optimum
  E) It is possible for a thinly populated country to be over populated if it has a poor supply of other factor
  Show Answer
  The correct answer is B .
• Question 49: What is the effect of inelastic demand for agricultural products on the income of a farmer? Options:
  A) A price rise results in its fall
  B) A price fall results in its fall
  C) A price fall results in its rise
  D) A price rise leaves the income unchanged
  Show Answer
  The correct answer is A .
• Question 50: The excess benefit derived from the purchase of goods over the amount paid for them is referred to as consumer Options:
  A) rationality
  B) surplus
  C) sovereignty
  D) credit
  Show Answer
  The correct answer is B .