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 1261: The supply of loanable funds is significantly influenced by? Options:
  A) commercial banks
  B) mortage banks
  C) financial intermediaries
  D) the Central Bank
  E) insurance companies
  Show Answer
  The correct answer is C .
• Question 1262: The marginal productivity theory applies in a Options:
  A) unionized labour market
  B) perfectly competitive market
  C) monopsonistic market only
  D) monopolistic market only
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  The correct answer is D .
• Question 1263: Which of these is not usually the function of a wholesaler? Options:
  A) Transport
  B) Storage
  C) Advertising
  D) After-sale services
  E) Branding
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  The correct answer is E .
• Question 1264: An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are? Options:
  A) substitute goods
  B) complementary goods
  C) elastic goods
  D) inelastic goods
  E) inferior goods
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  The correct answer is A .
• Question 1265: Which of the following statements bestdescribes the relationship between average product and marginal products? Options:
  A) Marginal product and average product curves rise and falls together
  B) Marginal product equals average product at the minimum point of the latter
  C) Average product curve will rise as product is greater than average product
  D) Marginal product at the maximum point of the fomer
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  The correct answer is B .
• Question 1266: A company's expenditure on raw materials is termed as_______? Options:
  A) Prime cost
  B) Explicit cost
  C) Average cost
  D) Implicit cost
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  The correct answer is B .
• Question 1267: A well conducted census is important for? Options:
  A) effective defence
  B) effective revenue generation
  C) good economic planning
  D) optimum population
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  The correct answer is C .
• Question 1268: The benefits that accrue to a firm as a result of an improvement in the industry it belongs to are called? Options:
  A) internal economies of scale
  B) economies of scale
  C) market economies
  D) external economies
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  The correct answer is D .
• Question 1269: In the operation of market forces, the market is in equilibrium at the point where? Options:
  A) demand and supply curve intersect in more than one point provided the market is cleared
  B) the excess in market can be conveniently stored
  C) excess demand is negative
  D) demand and supply curves intersect
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  The correct answer is D .
• Question 1270: Every economy requires an accurate census because it assist in? Options:
  A) solving inflation problem
  B) providing a sound framework for policy formulation
  C) stimulating economic activities in the national economy
  D) solving unemployment problem
  Show Answer
  The correct answer is B .