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 2041:

  The establishment of industries in rural areas will help to reduce____________-

  Options:
  A) Urban-Rural migration
  B) Rural-Urban migration
  C) Rural-Rural migration
  D) Urban-Urban migration
  Show Answer
  The correct answer is B .
• Question 2042: 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 2043:

  Among the disadvantages of the one-man business is the fact that______

  Options:
  A) its capital may not be increased without government permission
  B) the proprietor is personally liable for the firm's debts
  C) the proprietor is not able to obtain credit
  D) the proprietor may not sue for bad debts
  Show Answer
  The correct answer is B .
• Question 2044: Banks can create more money by? Options:
  A) increasing its cash ratio with the Central Bank
  B) issuing more banks cheques
  C) accepting more deposits from customers
  D) lending out money from customers deposits
  Show Answer
  The correct answer is D .
• Question 2045:

  Economic problem occurs when

  Options:
  A) There is scarcity relative to demand
  B) All raw materials are imported
  C) Many people are out of work
  D) There are no buyers for our goods
  Show Answer
  The correct answer is A .
• Question 2046: If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be Options:
  A) jointly supplied
  B) competitive
  C) composite
  D) jointly demanded
  Show Answer
  The correct answer is B .
• Question 2047:

  

  In the table, the marginal cost when output is two, units is

  Options:
  A) 16.00
  B) 20.00
  C) 36.00
  D) 40.00
  E) 48.00
  Show Answer
  The correct answer is C .
• Question 2048: Farmers' income may fall if they produce more cash crops for export because? Options:
  A) foreign demand is inelastic
  B) the price of the crops will rise
  C) of domestic currency depreciation
  D) of export duties
  Show Answer
  The correct answer is A .
• Question 2049:

  If a demand curve that intersects a perfectly inelastic supply curve shift is rightward, then____________

  Options:
  A) only the quantity will increase
  B) The prices will remain constant
  C) the equilibrium price and quantity will increase
  D) only the price will increase
  Show Answer
  The correct answer is C .
• Question 2050: All of the following EXCEPT ONE are normal functions of the marketing board in Nigeria Options:
  A) Price stabilization
  B) Efficient marketing of agriculture crops
  C) Provision of funds for building access roads
  D) Development of the agricultural industry
  E) Establishment of agro-allied industries
  Show Answer
  The correct answer is C .