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 2051: The main objective of WTO is to Options:
  A) help countries with chronic balance of payments problems
  B) help debtor nations solve their problems
  C) ensure adequate tariff protection for infant industries
  D) provide a mechanism for tariff reductions
  Show Answer
  The correct answer is D .
• Question 2052: If the cost of production for a firm continues to increase as it output rises, the firm is said to be experiencing? Options:
  A) large-scale production
  B) profit maximization
  C) economies of scale
  D) diseconomies of scale
  Show Answer
  The correct answer is D .
• Question 2053: In Nigeria, most agricultural policies are aimed at______? Options:
  A) Ensuring equitable distribution of income
  B) Liberalizing all sectors of the nation's economy
  C) Encouraging the development of manufacturing sector
  D) Achieving self-sufficiency in food production
  Show Answer
  The correct answer is D .
• Question 2054: In a free market economy, the price system allocates resources? Options:
  A) under government's directives
  B) to ensure general welfare
  C) to their best alternatives
  D) to reduce poverty
  Show Answer
  The correct answer is C .
• Question 2055: A country would develop its agricultural sector first so as to Options:
  A) stabilize the prices of agricultural products
  B) stabilize the prices of industrial products
  C) create a market for the agricultural sector
  D) create a market for the industrial sector
  Show Answer
  The correct answer is D .
• Question 2056: The interest charged on loans is determined by the __________? Options:
  A) Exchange rate
  B) Fiscal policy
  C) Risk associated with the loan
  D) Rate of production in the country
  Show Answer
  The correct answer is C .
• Question 2057: Monetary policy aimed at reducing demand-pull inflation in the country maybe carried out through? Options:
  A) increase in taxation of private companies, public corporations and private individuals
  B) increase in cash reserve ratio of commercial banks and the sale of government securities
  C) decrease in goverment expenditure on education
  D) direct price control in the market place
  Show Answer
  The correct answer is A .
• Question 2058: Which of the following is NOT a source of government revenue? Options:
  A) Grants, aids and borrowing
  B) Taxes, fees, licenses and fines
  C) Interest, dividends, profits and earnings
  D) personal income, disposable income and transfer earnings
  Show Answer
  The correct answer is D .
• Question 2059: One of the ways of improving the marketing of agricultural produce is by Options:
  A) Reviewing the land tenure system
  B) Ensuring even distribution of farm inputs
  C) Embarking on irrigation farming
  D) Establishing agricultural marketing boards
  Show Answer
  The correct answer is D .
• Question 2060:

  

  Which of the following statements must hold if price discrimination is to be possible?

  Options:
  A) Elasticities in the various markets must not differ
  B) The seller must recognise the possibility of resale
  C) The market must not be separated but integrated
  D) The markets should be seperable and there should be no resale.
  Show Answer
  The correct answer is C .