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 181: If a country has a balance of payment crisis, which of the following measures can best bring about a improvement in the short run? Options:
  A) Large-scale importation of foreign goods
  B) Investment in capital market abroad
  C) Large-scale export of locally made abroad
  D) Repayment of debt to her creditors
  Show Answer
  The correct answer is C .
• Question 182: Which of the following statement is NOT true about agriculture in West Africa? Options:
  A) Agriculture employs over 60% of West Africa’s occupied population
  B) Agriculture production is the basis for excise taxes in West Africa
  C) Many West Africa countries depend on agricultural exports for foreign exchange earnings
  D) Agriculture supplies West African industries with raw materials
  E) Agriculture provides incomes to West African farmers who engaged in it
  Show Answer
  The correct answer is B .
• Question 183: The main objective of WTO is to Options:
  A) help countries with chronic balance of payments problems
  B) help debtor nations solve their problems
  C) ensure adequate tariff protection for infant industries
  D) provide a mechanism for tariff reductions
  Show Answer
  The correct answer is D .
• Question 184: The major characteristics of an undeveloped nation is Options:
  A) Over-dependence on foreign products
  B) Dominance of the industrial sector
  C) High per capita income
  D) Efficient and sensitive financial sector
  Show Answer
  The correct answer is A .
• Question 185: The price of a good will not be affected by the imposition of a sales tax on it if the? Options:
  A) supply is inelastic
  B) demand is inelastic
  C) supply is perfectly elastic
  D) demand is perfectly elastic
  Show Answer
  The correct answer is D .
• Question 186: Non-bank financial intermediaries do not? Options:
  A) provide credit facilities
  B) accept deposits
  C) accept demand deposits
  D) sell shares
  Show Answer
  The correct answer is C .
• Question 187: A firm with marginal cost equals to its marginal revenue will produce the equilibrium output if it is in? Options:
  A) pure competition only
  B) pure monopoly only
  C) monopolistic competition only
  D) any type of market
  Show Answer
  The correct answer is A .
• Question 188:

  

  The optimum level of output of the firm is

  Options:
  A) BC
  B) OB
  C) OS
  D) BS
  Show Answer
  The correct answer is B .
• Question 189: The frequent value that occurs most in a data is Options:
  A) median
  B) mean
  C) mode
  D) range
  Show Answer
  The correct answer is C .
• Question 190: Which of the following is an external economy derived by a firm? Options:
  A) Low cost opportunities enjoyed by being in a place where other producers concentrate
  B) Technical economics enjoyed by varying the factors of production
  C) Economics of management by putting administrators where the are most efficient
  D) marketing advantages attained through preferential treatment in the purchase and distribution of produce
  Show Answer
  The correct answer is A .