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 1591: Labour-intensive strategy of industrialization emphasizes the use of? Options:
  A) steam energy in the process of production
  B) manual method of production
  C) synthetic raw materials
  D) hydro-electric power
  Show Answer
  The correct answer is B .
• Question 1592: The elasticity of supply of perishable goods is? Options:
  A) unitary
  B) inelastic
  C) zero
  D) elastic
  Show Answer
  The correct answer is B .
• Question 1593: Foreign exchange control in Nigeria is administered by the? Options:
  A) United Bank for Africa
  B) Union Bank of Nigeria
  C) First Bank Of Nigeria
  D) Central Bank of Nigeria
  E) Natonal Bank of Nigeria
  Show Answer
  The correct answer is D .
• Question 1594: The optimal range of output for a perfectly competitive firm is Options:
  A) AC is lowest
  B) AVC is lowest
  C) MC is rising
  D) MC is falling
  Show Answer
  The correct answer is B .
• Question 1595: A cumulative frequency graph is Options:
  A) a histogram
  B) an ogive
  C) a bar chart
  D) a pie chart
  Show Answer
  The correct answer is B .
• Question 1596: The Gross Domestic Product is defined as the total value of? Options:
  A) all final goods and services produced in a country during the year
  B) all assets of a country in a particular year
  C) exports net of total value of imports
  D) all receipts
  Show Answer
  The correct answer is A .
• Question 1597: The merging of firms engage in different stages of production and marketing is called? Options:
  A) external economies of scale
  B) vertical intergration
  C) horizontal intergration
  D) economic unoin
  Show Answer
  The correct answer is B .
• Question 1598: An industry is? Options:
  A) company producing unrelated commodities
  B) group of firms producing related commodities
  C) group of firms producing distinct commodities
  D) firms producing differentiated commodities
  Show Answer
  The correct answer is B .
• Question 1599: Which of the following is applicable to a monopolistic firm operating at the output where marginal cost equals marginal revenue? Options:
  A) Cost of production is at a medium
  B) The plant is of optimum size
  C) Price is above marginal revenue
  D) Average variable cost is at a minimum
  Show Answer
  The correct answer is C .
• Question 1600: 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
  Show Answer
  The correct answer is A .