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 1161: Fiduciary issue is that part of? Options:
  A) the issue of notes backed entirely by gold
  B) a country's currency which is not negotiable
  C) the issue of notes not backed by gold
  D) a country's currency officially issued
  Show Answer
  The correct answer is C .
• Question 1162: The most important determinant for the location of a brick industry is the availability of Options:
  A) market
  B) power supply
  C) water
  D) raw materials
  Show Answer
  The correct answer is A .
• Question 1163: The additional revenue obtained by using one more unit of a factor is called? Options:
  A) average product
  B) marginal product
  C) diminishing returns
  D) marginal revenue product
  Show Answer
  The correct answer is D .
• Question 1164: The circular flow of income defines the? Options:
  A) relationship between ends and means in the economic system
  B) allocation of income to various members of the household
  C) flow of goods, srvices amd money among the various macro-sectors of the economy
  D) micro-economic relationships in economic analysis
  Show Answer
  The correct answer is C .
• Question 1165: An advantage of electronic banking is that it Options:
  A) Enables many customers to operate joint accounts
  B) Reduces risk of bank fraud
  C) Enables a customer to operate many accounts from different locations
  D) Enables a customer to operate his account from different locations
  Show Answer
  The correct answer is D .
• Question 1166:

  Units of Quality Consumes	Total Utility	Marginal Utility
  0 1 2 3 4 5	- 10 15 17 18 18	- 10 5 2 1 0

  This table illustrates the law of _________

  Options:
  A) Increasing returns
  B) Diminishing returns
  C) Diminishing marginal utility
  D) Increasing total utility
  Show Answer
  The correct answer is C .
• Question 1167:

  The demand for labour is a________

  Options:
  A) Derived demand
  B) Joint demand
  C) Complementary demand
  D) Composite demand
  Show Answer
  The correct answer is A .
• Question 1168: Petroleum is the mainstay of the Nigerian economy because it is the? Options:
  A) main foreign exchange earner
  B) greatest employer of labour
  C) greatests contributor to the growth of agriculture
  D) source of high income for its workers
  Show Answer
  The correct answer is A .
• Question 1169:

  A firm is at its optimum size when ___________

  Options:
  A) It has a motive to increase output
  B) It produces the greatest output at a minimum cost
  C) Marginal cost equals marginal revenue
  D) Marginal cost is less than marginal revenue
  Show Answer
  The correct answer is B .
• Question 1170: Under partnership, investors who have no desires to be actively involved in the day-to-day management of such organization, are called? Options:
  A) stockholders
  B) sleeping partners
  C) part-time investors
  D) ordinary partners
  Show Answer
  The correct answer is B .