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 2161: Demand for money for speculative purposes means? Options:
  A) buying goods and services whose prices have risen
  B) keeping money for unforseen expenditure
  C) buying financial assets because of possible gains
  D) buying real estate
  E) keeping money for a rainy day
  Show Answer
  The correct answer is C .
• Question 2162: Which of the following will be the effect of allowing only economic factors to dedicate the location of industries in Nigeria? Options:
  A) A more even development of the different parts of the country will be assured
  B) There will be an unbalanced spread in the distribution of industries
  C) The less developed parts of the country will be able to attract more industries
  D) Only the government will be able to finance the establishment of industries
  Show Answer
  The correct answer is B .
• Question 2163: If the same basket of goods which cost N12.00 in 1985 cost N15.00 in 1987, price index for 1987 is? Options:
  A) 25
  B) 80
  C) 100
  D) 125
  Show Answer
  The correct answer is D .
• Question 2164: In a regulated market, price is determined by Options:
  A) consumers
  B) producers
  C) auction
  D) government
  Show Answer
  The correct answer is D .
• Question 2165:

  

  The diagramshows the total utility curve. At the point M, marginal utility

  Options:
  A) increases
  B) is unity
  C) diminishes
  D) is zero
  Show Answer
  The correct answer is D .
• Question 2166: unlimited liability means? Options:
  A) The government can tax a company without limit
  B) The debts of a company must be paid out of it assets
  C) A company ceases to exist at the death of one of its owners
  D) A firm must pay its debts from business as well as private funds
  E) None of the above
  Show Answer
  The correct answer is D .
• Question 2167: Average product is less than marginal product when Options:
  A) there is constant returns to scale
  B) there is increasing returns to scale
  C) there is decreasing returns to scale
  D) diminishing returns set in
  Show Answer
  The correct answer is C .
• Question 2168:

  

  From this diagram, the minimum wage OW will lead to

  Options:
  A) full employment of resources
  B) unemployment
  C) inflation
  D) full employment of factors of production
  Show Answer
  The correct answer is D .
• Question 2169: The distribution channel that contributes most to the cost of production is? Options:
  A) producer-wholesaler-consumer
  B) producer-retailer-consumer
  C) producer-retailer-wholesaler-consumer
  D) producer-wholesaler-retailer-consumer
  Show Answer
  The correct answer is D .
• Question 2170:

  Palm oil industry is located in Old Bendel State because the state______

  Options:
  A) Land is suitable for oil
  B) Is a palm tree growing area
  C) Soil is unsuitable for other crops
  D) Imports raw materials for palm oil industry
  Show Answer
  The correct answer is B .