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 1: The major role of NDIC is to Options:
  A) insure bank deposits
  B) regulate the activities of insurance companies
  C) ensure adequate capitalization of insurance companies
  D) accept customers' deposit
  Show Answer
  The correct answer is A .
• Question 2: Total fixed cost measures the cost of? Options:
  A) all plant and machinery
  B) all assets where quantity cannot be varied in the short run
  C) all assets upon which the firm has control
  D) prooerty owned by the firm
  Show Answer
  The correct answer is B .
• Question 3:

  The shape of the production possibility frontier is determined by the_________

  Options:
  A) law of returns to scale
  B) law of diminishing returns
  C) factors of productions
  D) technology
  Show Answer
  The correct answer is B .
• Question 4: A normal good with close substitutes is likely to have its price elasticity of demand? Options:
  A) between zero and one
  B) equal to unity
  C) less than unity
  D) greater than unity
  Show Answer
  The correct answer is D .
• Question 5: Generally, property taxes? Options:
  A) are borne entirely by landlords
  B) cannot be shifted in the long run
  C) are borne by all (renter, owner occupiers and landlords)
  D) are borne only by renters
  E) are borne by a few industrialist
  Show Answer
  The correct answer is C .
• Question 6: Price mechanism determines the prices of commodities through Options:
  A) auctioning
  B) market forces
  C) the sales of treasury bills
  D) government legislation
  Show Answer
  The correct answer is B .
• Question 7: The best method of production in an under populated country is Options:
  A) Labour-extensive
  B) Land-intensive
  C) Capital-intensive
  D) Labour-intensive
  Show Answer
  The correct answer is C .
• Question 8: Bank consolidation policy in Nigeria is a measure to increase Options:
  A) the capital base of banks
  B) employment opportunities in banks
  C) the number of shareholders
  D) the number of branches
  Show Answer
  The correct answer is A .
• Question 9: One main quality of a good is that it Options:
  A) is sold in the market
  B) satisfies wants
  C) is made in the factory
  D) is always tangible
  E) is non-perishable
  Show Answer
  The correct answer is B .
• Question 10: The stock exchange is a market for the buying and selling of? Options:
  A) monetary instruments
  B) new shares
  C) existing shares
  D) treasury bills
  Show Answer
  The correct answer is C .