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 1531: The main function of retailer in the distribution channel is Options:
  A) advertising the product on behalf of manufacturers
  B) bulk breaking
  C) branding and packaging of good
  D) direct customer services
  E) storage facilities for finished products
  Show Answer
  The correct answer is D .
• Question 1532:

  Use the information below to answer this question.

  Given that Q _d = 20 - 4P and Q = 6P + 12Determine the equilibrium quantity

  Options:
  A) 14.2
  B) 16.8
  C) 20.8
  D) 30.2
  Show Answer
  The correct answer is D .
• Question 1533: The most important attribute of money is? Options:
  A) homogeneity
  B) relative scarcity
  C) divisibility
  D) general acceptability
  Show Answer
  The correct answer is D .
• Question 1534: High dependency ratio is influenced by Options:
  A) high infant mortality rate
  B) the level of income
  C) high birth rate
  D) inadequate medical care for children
  Show Answer
  The correct answer is C .
• Question 1535: If y represents the income earned by workers in a factory, find the range of their income which satisfies the following inequality: 4Y - 300 > 500. Options:
  A) y > 300
  B) y > 250
  C) y > 200
  D) y > 150
  Show Answer
  The correct answer is C .
• Question 1536: 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 .
• Question 1537: The advantages which firms obtain directly from expanding their operations are referred to as? Options:
  A) internal economies of scale
  B) external economies of scale
  C) economics of localization
  D) economies of resources allocation
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  The correct answer is A .
• Question 1538: From which of the following does Nigeria derive trade concessions? Options:
  A) IMF
  B) World Bank
  C) ADB
  D) EEC
  Show Answer
  The correct answer is D .
• Question 1539: Unemployment can be reduced by? Options:
  A) restricting the productive base of the economy
  B) adopting capital-intensive techniques of production
  C) adopting labour-intensive techniques of production
  D) adopting a mixture of labour and capital-intensive techniques of production
  Show Answer
  The correct answer is C .
• Question 1540:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .