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 1961: International and inter-regional trade differ primarily because? Options:
  A) comparative advantage is relevant to the former but not to the latter
  B) products flow across national boundaries
  C) there are different resources supplies among countries of the world
  D) of regulation from GATT
  Show Answer
  The correct answer is B .
• Question 1962:

  If a business' total economic cost of producing 10,000 units of a product is N750,000 and this output is sold to consumers for N1,000,000, then the firm would earn

  Options:
  A) A normal profit of N750,000
  B) An economic profit of N750,000
  C) A normal profit o N1,750,000
  D) An economic profit of N250,000
  Show Answer
  The correct answer is D .
• Question 1963:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 1964: a debenture share entitles its holder to? Options:
  A) participate in the annual general meeting of the company
  B) share in the dividends declared
  C) recieve a fixed interest on sums invested
  D) have a representative on the Board of Directors
  Show Answer
  The correct answer is C .
• Question 1965:

  A strategy for improving agriculture in Nigeria will involve

  Options:
  A) controlling the prices of agricultural products
  B) ensuring self-sufficiency in food production
  C) reducing agricultural exports
  D) establishing commondity boards
  Show Answer
  The correct answer is B .
• Question 1966: Which of the following is a determinant of elasticity of supply? Options:
  A) Consumer’s income
  B) Degree of necessities
  C) Durability of the product
  D) Number of uses of the commodity
  E) Proportion of income spent on the product
  Show Answer
  The correct answer is C .
• Question 1967: An important function of the World Bank is to Options:
  A) provide short-run loans to members
  B) encourage trade between members
  C) promote capital-intensive production
  D) provide long-time loans to members
  Show Answer
  The correct answer is D .
• Question 1968: 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 .
• Question 1969: One major factor that determines the location of an industry is Options:
  A) tax exemption grant
  B) its proximity to the market
  C) the capital base
  D) the social responsibility of the firm
  Show Answer
  The correct answer is B .
• Question 1970: Fixing the prices of agricultural products can be a problem because of the Options:
  A) activities of marketing boards
  B) size of agricultural exports
  C) instability of government policies
  D) unpredicatable output of farmers
  Show Answer
  The correct answer is D .