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 111: The loans from the World Bank to developing countries are mainly to support? Options:
  A) the establishment of more universities
  B) capital-intensive technology
  C) infrastructural investments
  D) their low level of consumption
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  The correct answer is C .
• Question 112: A tax on land will ultimately fall Options:
  A) partly on agents and users
  B) entirely on users
  C) entirely on owners
  D) partly on users and owners
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  The correct answer is C .
• Question 113:

  Marginal cost is?

  Options:
  A) the lowest cost of producing goods
  B) the cost of production of the most efficient firm in an industry
  C) the cost of production of the most inefficient firm in an industry
  D) the cost of production of the last or extra unit of goods produced by a firm
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  The correct answer is D .
• Question 114: The standard deviation of a set of data is Options:
  A) always measured from the mode
  B) the most representative of averages
  C) always measured from the median
  D) a measure of dispersion
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  The correct answer is D .
• Question 115: The most popularly adopted industrialization strategy in West Africa is? Options:
  A) import substitution
  B) export promotion
  C) ports development
  D) infant industries protection
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  The correct answer is A .
• Question 116: Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be Options:
  A) The same as equilibrium supply
  B) Greater than equilibrium supply
  C) Less than the equilibrium supply
  D) Determined later by government
  E) None of these
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  The correct answer is C .
• Question 117: Which of the following is an example of derived demand? Options:
  A) Tax relief
  B) Labour
  C) Wage increase
  D) Entertainment
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  The correct answer is B .
• Question 118:

  An increase in total production (real GDP) causes the demand for money to ______and the interest rate to _________

  Options:
  A) Increase; decrease
  B) Decrease; decrease
  C) Increase; increase
  D) Decrease; increase
  Show Answer
  The correct answer is C .
• Question 119: In Nigeria, the bank that can correctly be described as a unit bank is? Options:
  A) the Central Bank
  B) people's bank
  C) mortgage bank
  D) community bank
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  The correct answer is A .
• Question 120: The excess benefit derived from the purchase of goods over the amount paid for them is referred to as consumer Options:
  A) rationality
  B) surplus
  C) sovereignty
  D) credit
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  The correct answer is B .