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 1511:

  Mortgage banks give loans to investors on a long term basics to_____________

  Options:
  A) Finance agriculture
  B) establish banks
  C) acquire machinery
  D) build houses
  Show Answer
  The correct answer is D .
• Question 1512: Bisi needs a book costing N10.00 and a hat costing N10.00. If Bisi buys the book instead of the hat, the opportunity cost of his choice is the? Options:
  A) cost of the bok
  B) cost of the hat
  C) book
  D) hat
  E) N10.00
  Show Answer
  The correct answer is B .
• Question 1513: At any given level of output, the total cost of a firm equals the? Options:
  A) marginal cost plus the average cost
  B) fixed costs less its varriable cost
  C) average cost multiplied by variable costs
  D) economic costs multiplied by variable costs
  Show Answer
  The correct answer is C .
• Question 1514:

  

  Use the diagram above to answer this question. Identity the three Important factors that can make S_o to become either S₁ or S₂

  Options:
  A) Technology, weather and population
  B) Technology, price and tastes
  C) Weather, price and technology
  D) Population, weather and teastes
  Show Answer
  The correct answer is C .
• Question 1515: One of the problems arising from the localization of industries is? Options:
  A) high prices of output
  B) the exportation of output
  C) the scarcity of foreign exchange
  D) structural unemployment
  Show Answer
  The correct answer is D .
• Question 1516: Which of the following items is subtracted when computing Gross National Product at factor cost, by the expenditure method? Options:
  A) Consumption expenditure
  B) Indirect taxes
  C) Exports and property income from abroad
  D) Gross Domestic Fixed Capital Formation
  Show Answer
  The correct answer is B .
• Question 1517:

  

  Using the table calculate the net income

  Options:
  A) ₦58m
  B) ₦54m
  C) ₦50m
  D) ₦46m
  Show Answer
  The correct answer is D .
• Question 1518: Balance of payment deficit in Nigeria CANNOT be solved by Options:
  A) importing more goods and services
  B) devaluation of the currency
  C) imposing import duties
  D) imposing import bans on some commodities
  Show Answer
  The correct answer is A .
• Question 1519:

  $\begin{array}{ccccc}\text{Output(kg)}& 240& 450& 580& 630\\ \text{MR(N)}& 75& 48& -40& -22\\ \text{MC(N)}& 41& 48& 77& 20\end{array}$

  Given the table above, what is the firm's short - run profit maximizing output?

  Options:
  A) 450kg
  B) 630kg
  C) 240kg
  D) 580kg
  Show Answer
  The correct answer is A .
• Question 1520:

  The term "Money at call and short notice" in a bank's assets represents the bank's loans to______

  Options:
  A) industry and commerce
  B) overseas central banks
  C) the capital market
  D) the money markets
  Show Answer
  The correct answer is D .