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 2291: A company's expenditure on raw materials is regarded as? Options:
  A) explicit cost
  B) implicit cost
  C) prime cost
  D) average cost
  Show Answer
  The correct answer is A .
• Question 2292: In order to build up its capital stock, the typical less developed country should ideally Options:
  A) Increase total saving
  B) Depend on hand-out from foreigners
  C) Impose tariff on import
  D) nationalise all foreign concern
  E) None of the above
  Show Answer
  The correct answer is A .
• Question 2293:

  Supply is________

  Options:
  A) A stock
  B) A Flow
  C) Constant
  D) A table
  Show Answer
  The correct answer is B .
• Question 2294: 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
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  The correct answer is B .
• Question 2295: The major characteristics of an undeveloped nation is Options:
  A) Over-dependence on foreign products
  B) Dominance of the industrial sector
  C) High per capita income
  D) Efficient and sensitive financial sector
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  The correct answer is A .
• Question 2296: In the circular flow of income model, the outflow variables represent Options:
  A) Income
  B) Expenditure
  C) Injections
  D) Leakages
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  The correct answer is D .
• Question 2297: A country's import price index by 1995 was 50 and her index of export price was 70. Calculate the terms of trade? Options:
  A) 20%
  B) 71%
  C) 120%
  D) 140%
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  The correct answer is D .
• Question 2298: Production covers all but one of the following activities: Options:
  A) changing the position of a good in time as, for example, holding stock of goods until they are required
  B) the provision of some kind of service e.g retailing
  C) changing the form of a good from the raw material to the finished product
  D) changing the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt
  E) the use of good and services to satisfy individual wants
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  The correct answer is E .
• Question 2299:

  Real cost is

  Options:
  A) Alternative commodities forgone
  B) Amount of money spent on goods and services
  C) Cost of goods and services
  D) True cost
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  The correct answer is C .
• Question 2300: A decision on input combination solves the economic problem of Options:
  A) how to produce
  B) for whom to produce
  C) when to produce
  D) what to produce
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  The correct answer is D .