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 931: A firm is said to have benefited from external economies in production if it has realized? Options:
  A) a more efficient management of resources
  B) a better combination of factors of production
  C) reduced resources costs due to operation of other firms
  D) a higher profit level due to increased sales
  Show Answer
  The correct answer is C .
• Question 932: The marketing of agricultural commodities in Nigeria is hampered by Options:
  A) lack of adequate storage facilities
  B) the existence of farmers' associations
  C) the existance of commodity exchange
  D) the abolition of marketing boards
  Show Answer
  The correct answer is A .
• Question 933: Given that at the beginning of 1973, Nigeria with a birth rate of 3% per annum had a population of 75million. This implied that in that year Options:
  A) The population increased by 2.25million
  B) There were 2.25 million live births
  C) The government have to make provisions for 2.25 million children
  D) 2.25 million - children were born
  Show Answer
  The correct answer is A .
• Question 934: Tax incidence is the analysis of? Options:
  A) how progressive a tax is
  B) how a tax is collected
  C) hw distorting a tax is
  D) who ultimately pays the tax
  Show Answer
  The correct answer is D .
• Question 935:

  

  The table above shows the combinations of beans and rice that can be purchased by a consumer. The opportunity cost of moving from K to L is

  Options:
  A) 2 units of rice
  B) 5 units of beans
  C) 17 units of rice
  D) 20 units of beans
  Show Answer
  The correct answer is A .
• Question 936:

  Commercial bank reserves at the Central Bank____________

  Options:
  A) advancing trade, prospects
  B) controlling credit and money supply
  C) reducing bank frauds
  D) discouraging banking operations
  Show Answer
  The correct answer is A .
• Question 937: The solution to the problem of double coincidence of wants requires a buyer and seller whose demands are precisely? Options:
  A) competitve
  B) composite
  C) supplementary
  D) complementary
  Show Answer
  The correct answer is D .
• Question 938: Which is the dominant form of tax in Nigeria Options:
  A) Direct tax
  B) Indirect tax
  C) Inheritance tax
  D) Personal income tax
  E) Value added tax
  Show Answer
  The correct answer is A .
• Question 939: The main function of NNPC is to Options:
  A) oversee the development of the oil sector
  B) develop the oil producing area
  C) fix the price of products
  D) ensure regular supply of products
  Show Answer
  The correct answer is A .
• Question 940: A commodity will be demanded only if Options:
  A) consumers income increases
  B) it has no close substitutes
  C) the price is low
  D) it has utility
  Show Answer
  The correct answer is D .