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 801: Economics is a science which deals basically with Options:
  A) the factors of production
  B) allocation of scarce resources
  C) oil exportation
  D) the gross domestic product (GDP)
  E) national income
  Show Answer
  The correct answer is B .
• Question 802: Which is considered the most effective tool by which the Central Bank of Nigeria can control the activities of commercial banks? Options:
  A) Open market operation
  B) Reserve requirements
  C) Bank rate
  D) Directives
  E) Special deposits
  Show Answer
  The correct answer is B .
• Question 803: A characteristic of the average fixed cost is that, it? Options:
  A) rises and falls faster than the marginal cost
  B) is U-shaped and intersects the price axis
  C) is always higher than the average variable cost
  D) falls continuously but is never equal to zero
  Show Answer
  The correct answer is D .
• Question 804:

  

  In the figure above, the broken line labelled M is the marginal revenue curve of a

  Options:
  A) Monopoly
  B) Competitive firm
  C) State corporation
  D) Partnership
  E) Monopsony
  Show Answer
  The correct answer is A .
• Question 805: If P = $\frac{1}{2}$(Qs + 15). What is the quantity supplied at N9.00? Options:
  A) 33.0
  B) 12.0
  C) 3.0
  D) 1.5
  Show Answer
  The correct answer is C .
• Question 806: A major consideration in locating a cement factory is the availability of Options:
  A) skilled labour
  B) power
  C) infrastructural facilities
  D) limestone
  Show Answer
  The correct answer is D .
• Question 807: The difference between visible exports and invisible exports of a country, in money terms, is known as the? Options:
  A) Balance of trade
  B) Balance of payments
  C) Terms of trade
  D) Foreign reserves
  E) Special drawing right
  Show Answer
  The correct answer is B .
• Question 808: In order to add value to Nigeria agricultural produce, there is need to Options:
  A) cultivate high breed crops
  B) process them into finished goods
  C) adopt modern storage methods
  D) advertise them in European markets
  Show Answer
  The correct answer is D .
• Question 809: A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book. Options:
  A) The five naira she spent on the book
  B) Five naira real cash value
  C) the mirror
  D) The book
  Show Answer
  The correct answer is C .
• Question 810: The purchasing power of the naira will fall when? Options:
  A) the naira is devalued
  B) government cuts all salaries and wages
  C) there is inflation
  D) the colour of the naira is changed
  E) workers are retrenched
  Show Answer
  The correct answer is C .