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 1081: Economist speak about 'opportunity cost' when a person Options:
  A) has the opporunity to attain a high degree of cost minimization
  B) has to forego one thing in order to have another
  C) can equate his fixed costs with his variable costs
  D) is able to run his business without much expenditure
  E) has to maximize utility in order to maintain a high standard of living
  Show Answer
  The correct answer is B .
• Question 1082: Which financial institution is charged with the formulation of monetary polices in Nigeria? Options:
  A) The Central Bank of Nigeria
  B) The Nigeria Deposit Insurance Corporation
  C) The Abuja Commodity Exchange
  D) The Lagos Stock Exchange
  Show Answer
  The correct answer is A .
• Question 1083: Localization of industry is encouraged because of ________ Options:
  A) low interest charges on loans
  B) improvements in infrastructure
  C) low foreign exchange rate
  D) high standard of living
  Show Answer
  The correct answer is D .
• Question 1084: Which is NOT a method of raising capital funds in Nigeria? Options:
  A) Borrowing from abroad
  B) Internal borrowing
  C) Nigerianization of foreign companies
  D) Gifts from abroad
  E) Saling government bonds
  Show Answer
  The correct answer is C .
• Question 1085:

  

  The diagram above shows the shifts in both demand supply curves. What is the new equilibrium point after the shifts?

  Options:
  A) E₃
  B) E₁
  C) E₄
  D) E₂
  Show Answer
  The correct answer is D .
• Question 1086: If government increases in its expenditure on public works, the desired effect is Options:
  A) a reduction in the use of capital equipment
  B) an increase in the level of emploment
  C) an increase in the level of inflation
  D) an increase in the use of capital equipment
  Show Answer
  The correct answer is A .
• Question 1087: Capital provided by individuals to the firm by purchasing stocks is called? Options:
  A) debt capital
  B) fixed capital
  C) circulating capital
  D) equlity capital
  Show Answer
  The correct answer is D .
• Question 1088: The supply of cocoa is influenced by Options:
  A) seasonal conditions
  B) the efficacy of fertilizer used
  C) the demand for beverages
  D) the availability of close substitutes
  Show Answer
  The correct answer is B .
• Question 1089:

  The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?

  Options:
  A) International monetary Fund
  B) Countries with comparative advantage
  C) Countries with superlative advantage
  D) Countries producing same or identical goods
  Show Answer
  The correct answer is D .
• Question 1090: The revenue accruing to the seller of commodity X as a result of a fall in price will Options:
  A) increase `
  B) fall
  C) first fall but will increase later
  D) remain unchanged
  Show Answer
  The correct answer is B .