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 651:

  The term "Money at call and short notice" in a bank's assets represents the bank's loans to______

  Options:
  A) industry and commerce
  B) overseas central banks
  C) the capital market
  D) the money markets
  Show Answer
  The correct answer is D .
• Question 652:

  Marginal cost is?

  Options:
  A) the lowest cost of producing goods
  B) the cost of production of the most efficient firm in an industry
  C) the cost of production of the most inefficient firm in an industry
  D) the cost of production of the last or extra unit of goods produced by a firm
  Show Answer
  The correct answer is D .
• Question 653: Demand for money for speculative purposes means? Options:
  A) buying goods and services whose prices have risen
  B) keeping money for unforseen expenditure
  C) buying financial assets because of possible gains
  D) buying real estate
  E) keeping money for a rainy day
  Show Answer
  The correct answer is C .
• Question 654: Which of these statement is NOT true of economics as a discipline? Options:
  A) it is a social science
  B) it is analytical
  C) it is concerned with people's material well-being
  D) it assumes limited human wants
  E) it assumes unlimited human resources
  Show Answer
  The correct answer is D .
• Question 655: Every economy requires an accurate census because it assist in? Options:
  A) solving inflation problem
  B) providing a sound framework for policy formulation
  C) stimulating economic activities in the national economy
  D) solving unemployment problem
  Show Answer
  The correct answer is B .
• Question 656:

  The release of a liquid petroleum hydrocarbon into the environment is_______

  Options:
  A) Oil glut
  B) Oil spill
  C) Oil shock
  D) Oil wastage
  Show Answer
  The correct answer is B .
• Question 657:

  

  Using the table calculate the net income

  Options:
  A) ₦58m
  B) ₦54m
  C) ₦50m
  D) ₦46m
  Show Answer
  The correct answer is D .
• Question 658: The major role of NDIC is to Options:
  A) insure bank deposits
  B) regulate the activities of insurance companies
  C) ensure adequate capitalization of insurance companies
  D) accept customers' deposit
  Show Answer
  The correct answer is A .
• Question 659: Industries tend to be located closer to market centers than to the sources of major raw materials if the? Options:
  A) products are relatively cheap to transport to market centers
  B) products are relatively more expensive to transport than the major raw materials
  C) raw marterials are bulky
  D) raw marterials can also be imported
  Show Answer
  The correct answer is B .
• Question 660:

  X		Y		Z
  Price (₦)	Quantity (Units)	Price (₦)	Quantity (Units)	Price (₦)	Quantity (₦)
  0	20	0	15	0	40
  2	15	2	10	2	30
  5	10	5	5	5	15
  10	0	10	2	10	5

  Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is

  Options:
  A) 75 units
  B) 35 units
  C) 7 units
  D) not determinable from the schedules except when graphed
  Show Answer
  The correct answer is D .