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 1181: Which of the following item in the balance of payment of account is an invisible transaction? Options:
  A) Import of cars
  B) Export of cocoa
  C) Export of crude petroleum
  D) Tourism
  E) Import of building materials
  Show Answer
  The correct answer is D .
• Question 1182: Which would you NOT consider an advantage of one-man business? Options:
  A) freedom of action
  B) limited liabiities
  C) Quick decision-making
  D) Personal contact with customers
  E) none o the albove
  Show Answer
  The correct answer is B .
• Question 1183: The European Union was formed to Options:
  A) promote free trade within member nations
  B) promote economic integration in non-member countries
  C) assist countries to achieve their economic goals
  D) finance development projects in member nations
  Show Answer
  The correct answer is A .
• Question 1184: The reward on machinery and equipment in the process of production is known as Options:
  A) profit
  B) interest
  C) rent
  D) wages
  Show Answer
  The correct answer is B .
• Question 1185: If a person receives a higher wage than would be necessary to induce him to work, he is said to be receiving Options:
  A) rent
  B) profit
  C) interest
  D) surtax income
  Show Answer
  The correct answer is D .
• Question 1186:

  The diagram below represents a production function. At which of the points does diminishing returns set in __________

  Options:
  A) R
  B) S
  C) T
  D) V
  Show Answer
  The correct answer is C .
• Question 1187:

  Holding money to take care of contingencies is

  Options:
  A) a speculative motive
  B) a transactions motive
  C) a precautionary motive
  D) an expansionary motive
  Show Answer
  The correct answer is C .
• Question 1188:

  X	8	10	12	16	18	20	24
  F	2	1	4	3	3	1	6

   

  From the table, Calculate the median___________

  Options:
  A) 24.0
  B) 17.0
  C) 18
  D) 16
  Show Answer
  The correct answer is D .
• Question 1189:

  One of the techniques of monetary control used by the central bank of Nigeria is

  Options:
  A) selective credit control
  B) budget deficit
  C) foreign exchange control
  D) monitoring the general price level
  Show Answer
  The correct answer is C .
• Question 1190: The stock exchange market is where? Options:
  A) businessmen borrow some capital
  B) the federal government trades on treasury bills
  C) existing bonds and stocks are traded
  D) new stocks and shares are bought or sold
  Show Answer
  The correct answer is C .