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 1941: A firm incurs short-run costs when Options:
  A) It cannot increase prices
  B) Operation is at its later stages
  C) Operation is at its early stages
  D) Some inputs cannot be varied
  Show Answer
  The correct answer is D .
• Question 1942:

  When a nation's exports are greater than its imports,_________

  Options:
  A) The net foreign trade is zero
  B) A favourable balance of trade exists
  C) A favourable balance of payment exists
  D) An unfavourable balance of trade exists
  Show Answer
  The correct answer is B .
• Question 1943: Bills of exchange originates from a? Options:
  A) central bank
  B) commercial bank
  C) community bank
  D) development bank
  Show Answer
  The correct answer is B .
• Question 1944:

  Firms are often set up close to each other in order to take advantage of?

  Options:
  A) supply of skilled labour
  B) agglomeration economies
  C) internal economies of scale
  D) external economies of scale
  Show Answer
  The correct answer is D .
• Question 1945: which is not responsible for the decline infood production in West Africa? Options:
  A) Neglect of agriculture by many people
  B) drift of young people rural to urban areas
  C) Influence of weather and climate
  D) Many of the countries do not balance of payments problems
  E) Lack of good prices for agricultural products on the farm
  Show Answer
  The correct answer is D .
• Question 1946: The use of legally permissible means to reduce tax liabilities is known as tax? Options:
  A) evasion
  B) avoidance
  C) reliefs
  D) exemption
  Show Answer
  The correct answer is B .
• Question 1947:
  

  From the graph below, Point "E" shows--------------

  Options:
  A) product inefficiency
  B) product efficiency
  C) productive efficiency
  D) allocative efficiency
  Show Answer
  The correct answer is A .
• Question 1948: Import substitution aims at? Options:
  A) substituting agricultural products with industrial ones
  B) substituting imports with agricultural exports
  C) the diversification of industries
  D) improving the balance of payments
  Show Answer
  The correct answer is B .
• Question 1949: 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 1950:

  The determination of wages in a labour market depends on the_______

  Options:
  A) Government
  B) People
  C) Interaction between demand and supply of labour
  D) Economy
  Show Answer
  The correct answer is C .