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 91: Imperfect market is characterized by Options:
  A) perfect mobility of factors of production
  B) many buyers and few sellers
  C) a large number of buyers and sellers
  D) non-preferential treatment
  Show Answer
  The correct answer is B .
• Question 92:

  Item	Amount (Million Naira)
  Visible exports	55.54
  Visible imports	53.32
  Invisible exports	30.56
  Invisible imports	28.70
  Balance	4.08

  The amount, ₦4.08 million, shown as balance in the table represents

  Options:
  A) terms of payments
  B) balance on current accounts
  C) balance of trade
  D) terms of trade
  Show Answer
  The correct answer is B .
• Question 93:

  

  In the diagram below, the curve which represents firm's short-run averagevariable cost is curve

  Options:
  A) l
  B) ll
  C) lll
  D) IV
  Show Answer
  The correct answer is C .
• Question 94: The record of a country's transactions in international trade is her Options:
  A) capital account
  B) balance of payments
  C) current account
  D) balance of trade
  Show Answer
  The correct answer is B .
• Question 95: The problems of conducting census include? Options:
  A) high rate of rural-urban migration
  B) poor geographical distribution of population
  C) high birth rate in tthe coutry
  D) poor town planning in urban areas
  Show Answer
  The correct answer is D .
• Question 96: When the average physical product curve is rising the marginal physical product is Options:
  A) below it
  B) above it
  C) falling
  D) zero
  E) None of the above
  Show Answer
  The correct answer is B .
• Question 97:

  

  In the diagram above, what is the excess demand at the price of ₦60

  Options:
  A) 200
  B) 300
  C) 600
  D) 100
  Show Answer
  The correct answer is B .
• Question 98:

  An ad valorem tax is imposed on_____?

  Options:
  A) Exports
  B) Imports
  C) The Value of a Commodity
  D) Special Commodities
  Show Answer
  The correct answer is C .
• Question 99: IBRD as an international monetary institution is concerned with the Options:
  A) improvement of trade among member nations
  B) development of infrastructure in member nations
  C) balance of payments problems of member nations
  D) financing of private businesses in member nations
  Show Answer
  The correct answer is B .
• Question 100: The most important economic characteristic differentiating commercial banks from other financial institutions is their? Options:
  A) function as a safe and profitable store place for savings
  B) role in financing balance of payment deficits
  C) status as an intermediary between savers and borrowers
  D) ability to create and destory money
  Show Answer
  The correct answer is C .