Welcome, smart students! 👋
Let’s take a quick, fun revision of real and likely Economics exam questions extracted directly from your video lesson.
Every question follows the exact O-Level format with options A–D, the Correct Answer clearly shown, plus short explanations to help you understand why the answer is correct.
Let’s get straight into success mode! 🚀
1️⃣ A point inside the Production Possibility Curve (PPC) indicates
A. Optimum production level
B. Attainable but inefficient production level
C. Unattainable production level
D. Efficient production level on the curve
✅ CORRECT ANSWER: B
Explanation: Any point inside the PPC shows resources are not fully used — output is possible but inefficient.
2️⃣ Which of the following is NOT a feature of labour?
A. Labour is an active factor
B. Labour is highly mobile
C. Labour receives wages
D. Labour is not rewarded
✅ CORRECT ANSWER: D
Explanation: Labour always deserves a reward — wages or salary — because humans apply effort in production.
3️⃣ Which of the following is NOT a function of an insurance company?
A. Pooling resources to reduce risk
B. Mobilizing funds through premiums
C. Spreading financial risks
D. Collecting deposits like a bank
✅ CORRECT ANSWER: D
Explanation: Collecting deposits is a function of commercial banks, not insurance companies.
4️⃣ Which of these is NOT emphasized in the PPC?
A. Scarcity of resources
B. Economic development
C. Inefficient use of resources
D. Unemployment of labour
✅ CORRECT ANSWER: B
Explanation: PPC deals with resource allocation and scarcity — it does not measure long-term development.
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5️⃣ Which of the following is NOT a method of controlling monopoly?
A. Price legislation
B. Imposing taxes
C. Preventing mergers
D. Nationalization of industries
✅ CORRECT ANSWER: C
Explanation: Preventing mergers actually reduces monopoly; the others help government control their power.
6️⃣ A consumer has ₦10 and must choose among goods. The opportunity cost is
A. The goods that cannot be bought
B. Incomplete list of goods
C. Handbag and jewelry
D. Dress that can be afforded
✅ CORRECT ANSWER: C
Explanation: Opportunity cost is the value of the next best forgone alternatives when a choice is made.
7️⃣ In a market economy, decisions on what to produce are made by
A. Government
B. Civil servants
C. Private individuals through demand and supply
D. Political agencies
✅ CORRECT ANSWER: C
Explanation: In capitalism, consumers’ demand and producers’ profit motive decide production.
8️⃣ If supply increases, what happens?
A. More is sold at the same price
B. More is sold at different prices
C. Supply curve shifts leftward
D. Nothing changes in the market
✅ CORRECT ANSWER: B
Explanation: When supply rises, producers offer more — negotiation allows different price points.
9️⃣ An outward shift of the PPC means
A. Reduced availability of resources
B. Movement to a point inside the curve
C. Increase in the productive capacity of the economy
D. No change in production possibility
✅ CORRECT ANSWER: C
Explanation: The economy has gained more resources or technology to produce more goods than before.
🔟 Profit of a producer is
A. Total cost minus losses
B. Total revenue minus total cost
C. Fixed cost plus variable cost
D. Revenue minus expenditure on imports
✅ CORRECT ANSWER: B
Explanation: Profit is simply what remains after paying all costs of production.
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Conclusion
You’re getting closer to an A! 💪
These questions show the exact exam patterns for Economics in WAEC, NECO and GCE.
Review the explanations carefully — understanding them helps you answer any similar question confidently in the real exam.
Keep learning. Keep practicing. Keep winning! 🌟
Keywords
Likely Economics Questions
WAEC Economics 2025
NECO Economics Past Questions
GCE Economics Objective Questions
Production Possibility Curve
Credit: Allschool, Allcbt
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