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 1061: The main function of retailer in the distribution channel is Options:
  A) advertising the product on behalf of manufacturers
  B) bulk breaking
  C) branding and packaging of good
  D) direct customer services
  E) storage facilities for finished products
  Show Answer
  The correct answer is D .
• Question 1062: The money which government spends yearly for the maintenance of its school is? Options:
  A) used only for wages and salaries
  B) part of the government's capital expenditure
  C) part of the government's recurrent expenditure
  D) the government's budget for its school
  Show Answer
  The correct answer is C .
• Question 1063:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 1064: Total fixed cost measures the cost of? Options:
  A) all plant and machinery
  B) all assets where quantity cannot be varied in the short run
  C) all assets upon which the firm has control
  D) prooerty owned by the firm
  Show Answer
  The correct answer is B .
• Question 1065: The foreign exchange market is a market where Options:
  A) graded commoditties like wheat, flour, etc are sold and bought
  B) currencies are sold and bought
  C) treasury bills are sold and bought
  D) government bonds are sold and bought
  E) treasury certificates are sold
  Show Answer
  The correct answer is B .
• Question 1066: ECOWAS has taken a giant step towards economic integration by? Options:
  A) presenting a united front against foreign economic exploiters
  B) introducing a common currency for travellers
  C) holding frequent meeting at various state capitals
  D) increasing economic stability among members states
  Show Answer
  The correct answer is D .
• Question 1067: The national income of a country indicates that the gross domestic production was N17 700 million and gross domestic product was N16 800 million. The difference of N900 million represents? Options:
  A) debt repayment
  B) investments abroad
  C) net income from abroad
  D) capital consumption
  Show Answer
  The correct answer is C .
• Question 1068: One of the effects of instability in farmer's income in Nigeria is Options:
  A) lack of infrastructural facilities
  B) rural-urban migration
  C) inadequate supply of fertilizer
  D) low level of technology
  Show Answer
  The correct answer is B .
• Question 1069: Which of the following applies to a commodity sold abroad at a price lower than that in the producing country? Options:
  A) Dumping
  B) Counter-trade
  C) Bilateral trade
  D) Trade liberalization
  Show Answer
  The correct answer is A .
• Question 1070: The world market for crude oil refers to the Options:
  A) total supply by OPEC members
  B) total demand for and supply of crude oil
  C) excess crude oil produced in the world
  D) difference between the supply of and demand for oil
  Show Answer
  The correct answer is B .