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 51:

  A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________

  Options:
  A) Import monopoly
  B) Import licence
  C) Import quota
  D) Embargo
  Show Answer
  The correct answer is B .
• Question 52: As a producer' association, the OPEC expects its members to maintain production where marginal cost is? Options:
  A) greater than price
  B) less than price
  C) equal to price
  D) equal to average cost
  Show Answer
  The correct answer is B .
• Question 53: An example of an indirect tax is Options:
  A) profit tax
  B) sales tax
  C) capital gain tax
  D) poll tax
  Show Answer
  The correct answer is B .
• Question 54: When a union is composed of workers with the same skill,it is termed Options:
  A) a technical union
  B) a craft union
  C) an industrial union
  D) a workers' union
  Show Answer
  The correct answer is B .
• Question 55: Government participation in the oil industry was necessitated by the Options:
  A) annual increase in production
  B) formation of OPEC
  C) high demand for crude oil
  D) huge investment outlay
  Show Answer
  The correct answer is B .
• Question 56: Foreign exchange rate in a free market economy is determined by? Options:
  A) the government
  B) the Central Bank
  C) demand and supply
  D) commercial banks
  Show Answer
  The correct answer is C .
• Question 57: The major role of multi-national companies in the petroleum industry in Nigeria is Options:
  A) the establishment of refineries
  B) oil marketing and prospecting
  C) oil marketing only
  D) oil prospecting only
  Show Answer
  The correct answer is B .
• Question 58:

  

  Using the table calculate the net income

  Options:
  A) ₦58m
  B) ₦54m
  C) ₦50m
  D) ₦46m
  Show Answer
  The correct answer is D .
• Question 59:

  

  If the contribution of the oil sector is ₦3.6 million, what is the contribution of the other sectors?

  Options:
  A) ₦10.8 million
  B) ₦7.2 million
  C) ₦3.6 million
  D) ₦2.4 million
  Show Answer
  The correct answer is B .
• Question 60: A major difference between a state-owned enterprise and a private enterprise is that the former? Options:
  A) is not expected to cover its costs of production while the latter is
  B) is not always expected to maximize profits while the latter is
  C) has shareholders while the latter does not
  D) has a board of directors while the latter does not
  Show Answer
  The correct answer is B .