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 481: Efficiency in production involves? Options:
  A) reducing the size of the workforce
  B) producing a given output with the lowest cost combination of factors of production
  C) adoption of capital-intensive technology
  D) increasing the quantity of the fixed factor of production
  Show Answer
  The correct answer is B .
• Question 482:

  Use the data below to answer this questions

  54, 36, 62, 79, 83, 36, 62, 42, 62, and 42.What is the modal score?

  Options:
  A) 36
  B) 42
  C) 54
  D) 62
  Show Answer
  The correct answer is D .
• Question 483: In international trade, shipping and other freight charges are treated as? Options:
  A) invisible items
  B) unilateral transfers
  C) capital transactions
  D) autonomous capital transactions
  Show Answer
  The correct answer is A .
• Question 484: One of the factors limiting the effectiveness of division of labour in the production process is the Options:
  A) Prevailing wage rate
  B) Level of technology
  C) Unemployment rate
  D) Population size
  Show Answer
  The correct answer is B .
• Question 485: If a commodity has many substitutes, it is most likely that? Options:
  A) the demand curve is fairly inelastic
  B) the demand curve is fairly elastic
  C) the demand curve is paraell to the quantity axis
  D) the demand curve is positively sloped
  E) the price of the commodity is too high
  Show Answer
  The correct answer is B .
• Question 486: An increase in the marginal cost of production causes Options:
  A) A downward movement along the supply curve
  B) A leftward shift of the supply curve
  C) A rightward shift of the supply curve
  D) An upward movement along the supply curve
  Show Answer
  The correct answer is D .
• Question 487: A distinguishing characteristic of cooperative societies is that voting power depends on the? Options:
  A) number of shares held
  B) status of the member
  C) equality of members
  D) management's decision
  Show Answer
  The correct answer is C .
• Question 488: Under a system of freely floating exchange rates an increase in the international value of a country's currency will cause? Options:
  A) its exports to rise
  B) its imports to rise
  C) gold to flow into that country
  D) its currency to be in surplus
  Show Answer
  The correct answer is B .
• Question 489:

  A tariff is a tax imposed on

  Options:
  A) Consumer goods
  B) Domestic goods
  C) Imported goods
  D) Exported goods
  Show Answer
  The correct answer is C .
• Question 490: The major function of money market is to Options:
  A) provide funds for long-term financing
  B) provide funds short-term financing
  C) stabilize the value of the local currency
  D) stabilize domestic prices
  Show Answer
  The correct answer is B .