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 1271:

  Retailers in an economy perform the function of ______

  Options:
  A) Distribution.
  B) Exchange
  C) Investment
  D) Production
  Show Answer
  The correct answer is A .
• Question 1272: A firm incurs short-run costs when Options:
  A) It cannot increase prices
  B) Operation is at its later stages
  C) Operation is at its early stages
  D) Some inputs cannot be varied
  Show Answer
  The correct answer is D .
• Question 1273: Inflation n the Nigeria economy may be fueled by increase in? Options:
  A) the dollar price of crude oil
  B) the sale of company shares
  C) government expenditure
  D) sale of government bonds
  Show Answer
  The correct answer is C .
• Question 1274: The distinguishing characteristic between the money market and the capital market lies in whether the Options:
  A) securities are primary or secondary
  B) debt instruments provided are long-term or short-term
  C) funds mobilized are private or public
  D) securities are in debentures or ordinary shares
  Show Answer
  The correct answer is B .
• Question 1275: The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is Options:
  A) perfectly inelastic
  B) fairly inelastic
  C) perfectly elastic
  D) fairly elastic
  Show Answer
  The correct answer is B .
• Question 1276: If one orange costs 20k and one kilogram of beef costs N10.00, the opportunity cost of one kilogram of beef is? Options:
  A) 50 oranges
  B) 10 oranges
  C) 5 oranges
  D) 9.80
  Show Answer
  The correct answer is A .
• Question 1277:

  Part-time workers who desire full-time employment are:

  Options:
  A) Underemployed and contribute to the unemployment statistic
  B) Underemployed but do not contribute to the unemployment statistic
  C) Not part of the labour force and do not contribute to the unemployment statistic
  D) Cyclical unemployment
  Show Answer
  The correct answer is B .
• Question 1278:

  The fundamental problem of economics is

  Options:
  A) Finding striking determinants between the forces of supply and demand
  B) The scarcity of productive resources relative to society's unlimited wants
  C) The establishment of a political framework to determine the what, how and for whom of production
  D) To establish an equitable distribution of income
  Show Answer
  The correct answer is B .
• Question 1279: 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 1280: The economic goal of public utilities is to? Options:
  A) maximize profit
  B) expand assets
  C) minimize costs
  D) provide essential services
  E) pay higher dividends to shareholders
  Show Answer
  The correct answer is D .