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 2221: A bank is said to be distressed when it? Options:
  A) is unable to deal with the Central Bank
  B) has a low level of capital base
  C) has low level of deposits
  D) experiences serious liquidity crisis
  Show Answer
  The correct answer is D .
• Question 2222: The type of business finance that entitles the holder to a fixed rate of dividend is? Options:
  A) perferred stock
  B) common stock
  C) debenture
  D) bank loan
  Show Answer
  The correct answer is C .
• Question 2223: As the level of output increases, the average fixed cost of a firm will Options:
  A) continue to decrease
  B) remain unchanged
  C) continue to increase
  D) be equal to the total cost
  Show Answer
  The correct answer is A .
• Question 2224:

  

  The diagram represents a production function. At which of the points does diminishing returns set in

  Options:
  A) I
  B) J
  C) K
  D) L
  Show Answer
  The correct answer is B .
• Question 2225: In a centrally planned economy, the economic problem of deciding what to produce is dependent on? Options:
  A) average profit
  B) state command
  C) average cost
  D) relative prices
  Show Answer
  The correct answer is C .
• Question 2226:

  

  The average product Y is

  Options:
  A) 15.5
  B) 14.6
  C) 12.0
  D) 8.0
  Show Answer
  The correct answer is A .
• Question 2227: The best channel of distribution of baked bread is through? Options:
  A) wholesalers to retailers then to consumers
  B) direct sales to consumers
  C) wholesalers to consumers
  D) retailers to consumers
  Show Answer
  The correct answer is B .
• Question 2228: The downstream activities of oil companies in Nigeria involve Options:
  A) refining and distribution
  B) prospecting and exploration
  C) off-shore drilling
  D) management of spillage and pollution
  Show Answer
  The correct answer is A .
• Question 2229: Diminishing marginal utility implies that Options:
  A) total utility decreases as consumption increases
  B) marginal utility increases as consumption increases
  C) marginal utility deceases as consumption increase
  D) marginal utility decreases as consumption decreases
  Show Answer
  The correct answer is C .
• Question 2230: A balance budget is defined as a condition of? Options:
  A) balance of payments equilibrium
  B) equality of planned aggregate demand supply
  C) equality of planned receipts and planned expenditure
  D) equality of planned exports and planned imports
  Show Answer
  The correct answer is C .