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 1891: The Nigerian Trust Fund is managed on behalf of Nigeria by the? Options:
  A) World Bank
  B) International Monetary Fund
  C) African Development Bank
  D) Economic Commission for Africa
  Show Answer
  The correct answer is C .
• Question 1892: If labour productivity in the cement industry is increasing as output of cement is expanded, then the amount of labour per unit of output produced must be? Options:
  A) less than zero
  B) decreasing
  C) constant
  D) increasing
  Show Answer
  The correct answer is B .
• Question 1893:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 1894:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1895:

  Quantity	Fixed cost (₦)	Variable cost (₦)	Total cost (₦)	Marginal cost (₦)	Average cost (₦)
  1	750	200	950	-	950
  2	750	560	1310	360	655
  3	750	900	1650	?	550

  The table above shows the short-run costs of a firm. What is the firm's marginal cost for the third item produced?

  Options:
  A) ₦350.00
  B) ₦340.00
  C) ₦360.00
  D) ₦370.00
  E) ₦55.00
  Show Answer
  The correct answer is B .
• Question 1896: 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 1897: Which of the following reasons could induce a manufacturer to bypass the wholesaler in the distribution chain? Options:
  A) To provide the quantity needed by retailers
  B) To collect useful information on his product
  C) To provide warehousing facilities
  D) To violate government regulation on distribution
  Show Answer
  The correct answer is B .
• Question 1898:

  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 .
• Question 1899: The most important factor ensuring economic development is the? Options:
  A) effective mobilization of domestic savings
  B) presence of foreign capital
  C) formulation of appropriate government policies
  D) attraction of foreign aids and grants
  Show Answer
  The correct answer is C .
• Question 1900:

  Mono production economies are those that____

  Options:
  A) Produce one main commodities
  B) Have a rich cultural heritage.
  C) Specialize in agricultural industries.
  D) Produce only raw materials.
  Show Answer
  The correct answer is A .