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 2271: In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is? Options:
  A) N5,200
  B) N 4,760
  C) N4,670
  D) N2,080
  Show Answer
  The correct answer is C .
• Question 2272: Warehousing facilities in the distribution and marketing of products are provided by? Options:
  A) manufacturers
  B) wholesalers
  C) retailers
  D) consumers
  E) sellers
  Show Answer
  The correct answer is B .
• Question 2273:

  Commercial bank reserves at the Central Bank____________

  Options:
  A) advancing trade, prospects
  B) controlling credit and money supply
  C) reducing bank frauds
  D) discouraging banking operations
  Show Answer
  The correct answer is A .
• Question 2274: 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 2275: A monopolist can boost up his revenue by Options:
  A) adjusting both price and output upward
  B) reducing total output to match price
  C) increasing price
  D) reducing price
  Show Answer
  The correct answer is B .
• Question 2276:

  A persistence rise in the prices of inputs will lead to

  Options:
  A) cost push inflation
  B) demand pull inflation
  C) hyperinflation
  D) stagflation
  Show Answer
  The correct answer is A .
• Question 2277: Favorable terms of trade is important to a country because it facilities? Options:
  A) economic prosperity for importers and exporters
  B) export of hard currency by the government
  C) economic prosperity for country
  D) import of hard currency by the government
  Show Answer
  The correct answer is C .
• Question 2278: In developing countries, it is easier to obtain accurate national income estimates through the Options:
  A) GNP
  B) GDP
  C) NDP
  D) NNP
  Show Answer
  The correct answer is B .
• Question 2279: Which of the following situations can give rise to economic problems? Options:
  A) Unlimited human wants
  B) Wants of varying important
  C) Limited means available for satisfying wants
  D) Means used in different ways
  Show Answer
  The correct answer is A .
• Question 2280:

  A good is said to be inferior if its demand

  Options:
  A) rises as its price rises
  B) falls as its price rises
  C) rises as its price falls
  D) is perfectly inelastic
  Show Answer
  The correct answer is B .