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 51: A partnership sourcing for funds to expand its business would approach _______ Options:
  A) a central bank
  B) a money market
  C) an insurance
  D) a stock exchange
  Show Answer
  The correct answer is B .
• Question 52: Given that beef and fish are substitutes, a rise in the price of beef relative to that of fish will? Options:
  A) induce greater demand for beef
  B) induce greater demand for fish
  C) induce lower demand for fish
  D) equate demands for beef and fish
  Show Answer
  The correct answer is B .
• Question 53: The output at which total revenue equals total cost is known as? Options:
  A) profit-maximizing output
  B) break even level output
  C) loss-minizing output
  D) least-cost output
  Show Answer
  The correct answer is B .
• Question 54:

  The principle that specified that the amount, when and how to pay tax should be made known to tax payer is known as

  Options:
  A) Principle of economy
  B) Principle of convenience
  C) Principle of simplicity
  D) Principle of certainty
  Show Answer
  The correct answer is D .
• Question 55: The petroleum industry in Nigeria is? Options:
  A) the sole source of the nation's revenue
  B) the oldest industry in the country
  C) the mainstay of the economy
  D) a factor in the decline in the nation's foreign reserves
  Show Answer
  The correct answer is D .
• Question 56:

  

  The firm whose sales and total revenue of the commodity as given in the table is

  Options:
  A) a monopolist
  B) a monopolistic competitor
  C) an oligopolist
  D) a perfect competitor
  Show Answer
  The correct answer is D .
• Question 57: Economics is regarded as a social science because it? Options:
  A) adopts the scientific method in production
  B) is an agent of socialization
  C) adopts the scientific method in the study of human behaviour
  D) adopts the scientific method with social problems
  Show Answer
  The correct answer is C .
• Question 58: The demand made on each other by the agriculture and industrial sector as the economy grows are reflected in? Options:
  A) backward and forward linkages
  B) horizontal and vertical linkages
  C) vertical linkages
  D) functional linkages
  Show Answer
  The correct answer is A .
• Question 59: 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 60:

  The main objective of marketing boards is to

  Options:
  A) accumulate revenue for government
  B) educate farmers on pricing of cash crops
  C) stabilize the incomes of cash crop farmers
  D) provide warehousing facilities
  Show Answer
  The correct answer is C .