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 1881: Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone? Options:
  A) Variable cost
  B) opportunity cost
  C) Total cost
  D) Prime cost
  Show Answer
  The correct answer is B .
• Question 1882:

  The policy by which government encourages producers of export goods to produce and export more in order to earn more foreign exchange is called__________

  Options:
  A) Sales promotion
  B) Term of trade
  C) Export promotion
  D) International trade
  Show Answer
  The correct answer is C .
• Question 1883: Demand for a commodity by a consumer is the quantity of that commodity that the consumer Options:
  A) demands at a given price at a point in time
  B) demand at a given price
  C) actually digests
  D) produces, given its price
  E) can store away during bnad weather
  Show Answer
  The correct answer is A .
• Question 1884: Monetary policy does NOT involve Options:
  A) increasing the import duties
  B) buying or selling treasury bills by the Central Bank
  C) printing of more currency note
  D) increasing or decreasing cash reserve ratio by the Central Bank
  E) raising the level of interest
  Show Answer
  The correct answer is A .
• Question 1885: The World Trade Organization is responsible for Options:
  A) stabilizing and harmonization oil prices
  B) ensuring equal participation of countries in trade
  C) modernising world economies
  D) minimizing obstacles to international trade and investment
  Show Answer
  The correct answer is D .
• Question 1886: The main reason for low agricultural produce in west Africa is need to Options:
  A) the presence of large-scale agro-allied industries
  B) high dependency ratio
  C) over dependence on agriculture for subsistence
  D) the use of crude implements in farming process
  Show Answer
  The correct answer is D .
• Question 1887: A downward sloping demand curve intersect a fixed supply curve, A shift of this demand curve to the right implies that? Options:
  A) both price and quantity will increased
  B) only price increases
  C) only quantity increases
  D) the price remains constant
  E) the price falls
  Show Answer
  The correct answer is A .
• Question 1888: The supply of loanable funds is significantly influenced by? Options:
  A) commercial banks
  B) mortage banks
  C) financial intermediaries
  D) the Central Bank
  E) insurance companies
  Show Answer
  The correct answer is C .
• Question 1889: The world market for crude oil refers to the Options:
  A) total supply by OPEC members
  B) total demand for and supply of crude oil
  C) excess crude oil produced in the world
  D) difference between the supply of and demand for oil
  Show Answer
  The correct answer is B .
• Question 1890: At every point on a indifference curve, the Options:
  A) total utility is decreasing
  B) prices of all goods are constant
  C) consumer is satiated
  D) level of utility is constant
  E) level of utility is increasing
  Show Answer
  The correct answer is D .