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 1421: Which Of the following is NOT an obstacle to economic development? Options:
  A) Low level of investment
  B) lack of modern technology
  C) High rate of population growth
  D) Low productivity
  E) Dedicated leadership
  Show Answer
  The correct answer is E .
• Question 1422: Infant industries are Options:
  A) a baby food and a baby clothing factories
  B) those which are introducing new products
  C) cases of arrested development
  D) industries temporarily protected by tariff barriers until mature enough to compete on world markets
  E) industries that are allowed to remain permanent cases of adolescence
  Show Answer
  The correct answer is D .
• Question 1423:

  Which of the following rewards is associated with entrepreneurship

  Options:
  A) salaries
  B) profits
  C) interest
  D) rent
  Show Answer
  The correct answer is B .
• Question 1424: The major function of money market is to Options:
  A) provide funds for long-term financing
  B) provide funds short-term financing
  C) stabilize the value of the local currency
  D) stabilize domestic prices
  Show Answer
  The correct answer is B .
• Question 1425: The basic purpose of imposing legal reserve requirements on commercial bank is to? Options:
  A) assure the profitability of commercial banks
  B) provide a device through which credit creation by banks can be controlled
  C) provide a proper ratio between earning and non-earning bank assets
  D) provide the Central Bank with working capital
  Show Answer
  The correct answer is B .
• Question 1426: if AC = Average Cost of production , TC = Total Cost of production VC = Variable Cost of production FC = Fixed Cost of production Q = Quantity of goods producedThen, Options:
  A) AC = TC; TC = VC + FC
  B) AC = (TC) Q: TC = VC + FC
  C) AC = TC; TC = (VC)(FC) Q
  D) AC = TC- FC: VC = TC- AC
  E) AC = TC ; TC = VC + AC Q
  Show Answer
  The correct answer is A .
• Question 1427: Petroleum has the following positive contributions to the Nigerian economy except Options:
  A) Generate employment
  B) Source of government revenue
  C) development of mono economy
  D) Infrastructure development
  Show Answer
  The correct answer is C .
• Question 1428: An economic problem arises when? Options:
  A) manufactured goods are in short supply
  B) money is in short supply
  C) buyers are many
  D) sellers are few
  E) scarcity and choice are involved
  Show Answer
  The correct answer is E .
• Question 1429:

  

  In this table, the marginal product of the 2nd worker and the average product of the 5th worker respectively are

  Options:
  A) 23 and 20
  B) 22 and 19
  C) 14 and 19
  D) 11 and 20
  Show Answer
  The correct answer is B .
• Question 1430:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .