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 2231: The largest liability appearing in the book of a commercial bank is Options:
  A) cash
  B) deposits
  C) loans and advances
  D) capital and reserves
  E) treasury bills
  Show Answer
  The correct answer is B .
• Question 2232: Unemployment can be reduced by? Options:
  A) restricting the productive base of the economy
  B) adopting capital-intensive techniques of production
  C) adopting labour-intensive techniques of production
  D) adopting a mixture of labour and capital-intensive techniques of production
  Show Answer
  The correct answer is C .
• Question 2233: Which of the following is a term used to describe a payment representing a surplus in excess of transfer costs? Options:
  A) Interest rates
  B) Opportunity costs
  C) Economic rent
  D) Indirect costs
  E) Wages
  Show Answer
  The correct answer is C .
• Question 2234:

  

  The marginal product X is

  Options:
  A) 18
  B) 20
  C) 24
  D) 25
  Show Answer
  The correct answer is C .
• Question 2235: The raising of funds by selling stocks to the public is called? Options:
  A) equity financing
  B) stock financing
  C) debt financing
  D) loan financing
  Show Answer
  The correct answer is A .
• Question 2236: Which of these would not be included in the fundamental principle of a free enterprise economy Options:
  A) Private ownership of factors of production
  B) The right to organize factor for production purposes
  C) The right to make private profit
  D) Government control of mobility of factor of production
  E) Government effort to encourage competitive capitalism within the law of the country
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  The correct answer is D .
• Question 2237: An isoquant lying above to the right of another represents Options:
  A) a higher output level
  B) constant returns to scale
  C) over-capacity utilization
  D) a lower output level
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  The correct answer is A .
• Question 2238:

  A persistence rise in the prices of inputs will lead to

  Options:
  A) cost push inflation
  B) demand pull inflation
  C) hyperinflation
  D) stagflation
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  The correct answer is A .
• Question 2239: The distinction between onshore and offshore operations in oil exploration lies in the Options:
  A) location of sites
  B) output generated
  C) size of production
  D) techniques of production
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  The correct answer is A .
• Question 2240: Which would you NOT consider an agro-based industry in Nigeria? Options:
  A) a diary enterprise producing milk
  B) a yam floor mill
  C) a poultry industry
  D) a fertilizer plant
  E) none of the above
  Show Answer
  The correct answer is E .