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 1921: A major consideration in locating a cement factory is the availability of Options:
  A) skilled labour
  B) power
  C) infrastructural facilities
  D) limestone
  Show Answer
  The correct answer is D .
• Question 1922: If the reserve requirement for commercial banking in Nigeria were 30%, a commercial bank which receives an initial cash deposit of N3000 is in a position to lend out? Options:
  A) N9,000
  B) N3,330
  C) N2,770
  D) N2,100
  Show Answer
  The correct answer is D .
• Question 1923:

  

  The graph above represents

  Options:
  A) a decrease in quantity supplied
  B) an increase in supply
  C) a decrease in supply
  D) an increase in quantity supplied
  Show Answer
  The correct answer is D .
• Question 1924: 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 1925: Development plans fail in Nigeria mainly because of Options:
  A) Corruption and political instability
  B) Over-dependence on foreign aid
  C) High cost of plan implementation
  D) Shortage of personnel
  Show Answer
  The correct answer is A .
• Question 1926: When a consumer is at equilibrium, the MRS_xy is equal to the Options:
  A) sum of the prices
  B) product of the two prices
  C) ratio of the two prices
  D) difference of the two prices
  Show Answer
  The correct answer is A .
• Question 1927: A firm is at its optimum size when? Options:
  A) it produce the greatest output at a minimum cost
  B) it has a motive to increase output
  C) marginal cost equals marginal revenue
  D) marginal cost is less than marginal revenue
  Show Answer
  The correct answer is A .
• Question 1928: What do we call a market where there is large number of buyers and sellers, such that no one has an appreciable influence over prices? Options:
  A) Free market
  B) Perfectly competitive market
  C) Controllled market
  D) Stock exchange market
  E) Open market
  Show Answer
  The correct answer is B .
• Question 1929: The economic goal of public utilities is to? Options:
  A) maximize profit
  B) expand assets
  C) minimize costs
  D) provide essential services
  E) pay higher dividends to shareholders
  Show Answer
  The correct answer is D .
• Question 1930: In a free market economy, the rationing of scarce goods is done principally by Options:
  A) the government
  B) business organizations
  C) the price mechanism
  D) consumers
  E) both A and B
  Show Answer
  The correct answer is D .