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 1551: Which of the following factors enhances the ability of commercial banks to create money? Options:
  A) Reduction in the reserve ratio
  B) Leakage of cash out of banking system
  C) excess of reserves
  D) Insistence on collateral security
  Show Answer
  The correct answer is A .
• Question 1552: The Nigerian Trust Fund is managed on behalf of Nigeria by the? Options:
  A) World Bank
  B) International Monetary Fund
  C) African Development Bank
  D) Economic Commission for Africa
  Show Answer
  The correct answer is C .
• Question 1553:

  Which of the following sets fully represents factors of production?

  Options:
  A) Sunlight, machinery, man, land
  B) Land, water, weather
  C) Money, market, middlemen
  D) Land, labour, capital, enterprise, technology
  Show Answer
  The correct answer is D .
• Question 1554:

  A country's budget allocation to various sectors of the economy is shown in the pie chart.

  If the budget of the country was $7,200.00, how much is allocated to education?

  Options:
  A) $2,400.00
  B) $2,000.00
  C) $1,200.00
  D) $1,000.00
  Show Answer
  The correct answer is A .
• Question 1555: A firm's shut-down point is reach when the average revenue fails to cover the? Options:
  A) average variable cost
  B) marginal cost
  C) average total cost
  D) average fixed cost
  Show Answer
  The correct answer is B .
• Question 1556: If the total fixed cost is the same regardless of output, the average fixed cost will be Options:
  A) increasing
  B) maximum
  C) minimum
  D) decreasing
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  The correct answer is D .
• Question 1557: A consumer surplus measures the Options:
  A) benefits derived from consuming a cheap commodity
  B) excess of total expenditure over total uility
  C) difference between marginal utility and marginal cost
  D) excess of marginal utility over price
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  The correct answer is D .
• Question 1558: The demand and supply functions of commodity x are given as follows: Qd = 20- 2p, Qs = 6p - 12 where p = price, Qd = quantity demanded and Qs = quantity supplied. Determine the equilibrium price Options:
  A) N4
  B) N8
  C) N2
  D) N10
  Show Answer
  The correct answer is A .
• Question 1559:

  The supply curve of a locally-produced good may shift to the right if

  Options:
  A) there is an increase in taxes on inputs
  B) government increases subsidies
  C) rural-urban migration is encouraged
  D) the price of the commodity increases
  Show Answer
  The correct answer is D .
• Question 1560:

  

  Above the equilibrium point, a further rise in price tends to

  Options:
  A) increase demand and restrict supply
  B) restrict demand and decrease supply
  C) increase demand and decrease supply
  D) decrease demand and increase supply
  Show Answer
  The correct answer is D .