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 2141:

  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 2142: 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 2143: A corporation can obtain funds by issuing bonds. A bond is a form of debt which falls due to repayment after? Options:
  A) 6 months
  B) 9 mnths
  C) 2 years
  D) 5 years
  E) 10 or more years
  Show Answer
  The correct answer is E .
• Question 2144: Production covers all but one of the following activities: Options:
  A) changing the position of a good in time as, for example, holding stock of goods until they are required
  B) the provision of some kind of service e.g retailing
  C) changing the form of a good from the raw material to the finished product
  D) changing the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt
  E) the use of good and services to satisfy individual wants
  Show Answer
  The correct answer is E .
• Question 2145: Mobility of labour is NOT affected by Options:
  A) optimum size of population
  B) marriage and family
  C) regulation of trade unions
  D) period of training
  Show Answer
  The correct answer is A .
• Question 2146: Which of these is not usually the function of a wholesaler? Options:
  A) Transport
  B) Storage
  C) Advertising
  D) After-sale services
  E) Branding
  Show Answer
  The correct answer is E .
• Question 2147: Capital consumption allowance refers to? Options:
  A) personal consumption expenditure
  B) indirect business taxes
  C) depreciation of capital equipment
  D) expenditure on capital equipment
  Show Answer
  The correct answer is C .
• Question 2148: As a producer' association, the OPEC expects its members to maintain production where marginal cost is? Options:
  A) greater than price
  B) less than price
  C) equal to price
  D) equal to average cost
  Show Answer
  The correct answer is B .
• Question 2149: Occupational mobility as applied to factors of production means the ease by which Options:
  A) factors can be transferred from one form of use to another
  B) resources can be transferred from one place to another
  C) resources can be transformed from one form to another
  D) factors can be transferred from one place to another
  Show Answer
  The correct answer is A .
• Question 2150:

  In an open economy, the GNP is measured as_____________?

  Options:
  A) C + 1 + G(X-M)
  B) C + 1 + G
  C) C + 1 + G + X
  D) C + 1 + G + M
  Show Answer
  The correct answer is A .