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 991: Which of the following does NOT belong in respect of the quantity of money? Options:
  A) Durability
  B) Division into the smallest units of value
  C) Portable
  D) Identifiable by all
  E) Measure of value
  Show Answer
  The correct answer is E .
• Question 992: Infant industries are Options:
  A) a baby food and a baby clothing factories
  B) those which are introducing new products
  C) cases of arrested development
  D) industries temporarily protected by tariff barriers until mature enough to compete on world markets
  E) industries that are allowed to remain permanent cases of adolescence
  Show Answer
  The correct answer is D .
• Question 993:

  An example of a vertical combination is the merger of_________

  Options:
  A) a spinning firm and a wearing firm
  B) two meat retailing firms
  C) two very large wholesale textile distributors
  D) three secretarial employment agencies in one town
  Show Answer
  The correct answer is A .
• Question 994: The major problem confronting a sole proprietor is Options:
  A) high level of risk
  B) limited expertise
  C) limited source of capital
  D) high taxation
  Show Answer
  The correct answer is C .
• Question 995: In a regulated market, price is determined by Options:
  A) consumers
  B) producers
  C) auction
  D) government
  Show Answer
  The correct answer is D .
• Question 996:

  Which one of the following measures the natural growth rate of population?

  Options:
  A) Natural increase - Birth rate + Net migration
  B) Birth rate - Death rate
  C) Birth rate/Death rate
  D) Birth + Net migration = Death
  Show Answer
  The correct answer is B .
• Question 997: The reform in the banking sector in Nigeria is principally motivated by the need to Options:
  A) increase the capital base of banks
  B) provide more money to run the economy
  C) minimize the rate of bank failures
  D) enhance efficiency in bank operations
  Show Answer
  The correct answer is C .
• Question 998: In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of? Options:
  A) lack of an effective agricultural policy
  B) employment opportunities in the oil sector
  C) rural-urban drift
  D) low prices of agricultural products
  Show Answer
  The correct answer is C .
• Question 999: As a firm increases its output, the average fixed cost? Options:
  A) tends to rise continuously
  B) remains constant
  C) rises and then falls
  D) tends to decreased continuously
  Show Answer
  The correct answer is D .
• Question 1000: Which of the following falls continuously as output expands? Options:
  A) Average fixed cost
  B) Marginal cost
  C) Average variable cost
  D) Average cost
  Show Answer
  The correct answer is D .