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: Which of the following is the major function of the wholesaler? Options:
  A) Bulk breaking
  B) Provision of useful information to th manufacturer on products
  C) Provision of after-sales services to consumers
  D) Provision of warehouse facility
  Show Answer
  The correct answer is A .
• Question 2232: A firm is at its optimum size when? Options:
  A) it produce the greatest output at a minimum cost
  B) it has a motive to increase output
  C) marginal cost equals marginal revenue
  D) marginal cost is less than marginal revenue
  Show Answer
  The correct answer is A .
• Question 2233:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 2234: Because most of her crude oil is exported, the foreign exchange earnings and the forward linkage effects Nigeria realize from her oil production are? Options:
  A) both high
  B) respectively high and low
  C) respectively low and high
  D) both low
  Show Answer
  The correct answer is B .
• Question 2235: The population of Oh-aha L.G.A. WAS 480 000 in December 1980, out of which 60% were females . If within one year no birth were recorded, but 5% of the L.G.A. in December 1981? Options:
  A) 96 000
  B) 192 000
  C) 288 000
  D) 470 400
  Show Answer
  The correct answer is D .
• Question 2236: Total fixed cost measures the cost of? Options:
  A) all plant and machinery
  B) all assets where quantity cannot be varied in the short run
  C) all assets upon which the firm has control
  D) prooerty owned by the firm
  Show Answer
  The correct answer is B .
• Question 2237: Which of the following would most likely be considered an example of benefit taxation? Options:
  A) Excise tax
  B) Corporate income tax
  C) Property tax
  D) Highway-user tax
  Show Answer
  The correct answer is D .
• Question 2238:

  A downward sloping demand curve means that

  Options:
  A) total revenue declines as price is lowered
  B) demand falls as output increases
  C) demand falls as output falls
  D) price must be lowered to sell more
  Show Answer
  The correct answer is D .
• Question 2239: One of the main achievements of the Economic Commission for Africa is Options:
  A) eliminating trade restrictions among states
  B) encouraging transport and communication development
  C) guaranteeing a steady flow of foreign investment into Africa
  D) providing the machinery for collaboration on monetary issues
  Show Answer
  The correct answer is A .
• Question 2240: Which of the following is an indicator of economic growth? Options:
  A) High tax rate
  B) Technology development
  C) High gross domestic product
  D) High interest rate
  Show Answer
  The correct answer is B .