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 1141: The long run is a period during which a firm? Options:
  A) sells inputs to purchase fixed assets
  B) varies all its inputs
  C) sources all its inputs from within
  D) replaces all its inputs
  Show Answer
  The correct answer is B .
• Question 1142: The lowering of the exchange rate between country's currency and other currencies is known as Options:
  A) the foreign exchange rate
  B) deflation
  C) exchange control
  D) the law of comparative advantage
  E) None of the above
  Show Answer
  The correct answer is E .
• Question 1143:

  A country's budget allocation to various sectors of the economy is shown in the pie chart.

  If the budget of the country was $7,200.00, how much is allocated to education?

  Options:
  A) $2,400.00
  B) $2,000.00
  C) $1,200.00
  D) $1,000.00
  Show Answer
  The correct answer is A .
• Question 1144:

  Import duty and tariffs is an instrument used for international trade restriction and so is __________?

  Options:
  A) Preferential duties
  B) Preferential treatment
  C) Entreport
  D) Trade license
  Show Answer
  The correct answer is A .
• Question 1145:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 1146:

  Which of the following shows why individual demand curve for a good usually slopes downward from left to right?

  Options:
  A) More of commodities are offered for sale at a lower than higher prices
  B) Marginal utility falls as consumption increases
  C) The higher the price, the higher the quantity offered for sale
  D) Prices are usually falling when demand is low
  Show Answer
  The correct answer is A .
• Question 1147: One major factor that determines the location of an industry is Options:
  A) tax exemption grant
  B) its proximity to the market
  C) the capital base
  D) the social responsibility of the firm
  Show Answer
  The correct answer is B .
• Question 1148:

  The use of the bank rate, cash ratio and open market operations constitute

  Options:
  A) fiscal policy
  B) monetary policy
  C) import policy
  D) export policy
  Show Answer
  The correct answer is B .
• Question 1149: Efficiency in production involves? Options:
  A) reducing the size of the workforce
  B) producing a given output with the lowest cost combination of factors of production
  C) adoption of capital-intensive technology
  D) increasing the quantity of the fixed factor of production
  Show Answer
  The correct answer is B .
• Question 1150:

  A country with over-valued currency will

  Options:
  A) expect balance of payments surplus
  B) have increased demand for the exports
  C) increase her foreign reserve
  D) decrease her foreign reserve
  Show Answer
  The correct answer is D .