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 2331: For an economy which last year produced only two commodities X and Y, the real cost of the quantity of X which it produced can be measured by the? Options:
  A) amount of X it could not produced
  B) amount of Y it produced
  C) total amount of Y it could have produced
  D) extra amount of Y it could have produced
  Show Answer
  The correct answer is C .
• Question 2332: External economies are Options:
  A) The advantage accuring to a firm as a result of its expansion
  B) The advantages accuring to one firm as a result of the existence of other firms in the same locality
  C) Benefits derived by a firm as a result of its own individual policy
  D) Reaped only by agricultural firms
  E) Bound to increase the costs of production whatever the circumstances
  Show Answer
  The correct answer is B .
• Question 2333: Which of the following methods is most likely to lead an economy? Options:
  A) An increase in wages and profits
  B) An increase in consumer demand
  C) A greater fraction of national Product going into investment
  D) A countinuous rise in bank loans
  Show Answer
  The correct answer is C .
• Question 2334: The major contribution of OPEC to the Nigerian economy is the Options:
  A) provision of social infrastructures
  B) granting of subsidies on petroleum products
  C) stabilization of oil prices
  D) building of refineries
  Show Answer
  The correct answer is C .
• Question 2335: Securities are described as listed when they are Options:
  A) mobilished as long-term debt instruments
  B) traded on a recognised stock market
  C) bought and sold purely for development purposes
  D) mobilized as short-term debt instruments
  Show Answer
  The correct answer is B .
• Question 2336:

  An upward movement along the same supply curve result in_____________

  Options:
  A) a decrease in price
  B) an increase
  C) an increase in quantity supplied
  D) a decrease In quantity supplied
  Show Answer
  The correct answer is C .
• Question 2337: At the maximumpoint of the total product curve of a firm, marginal revenue is Options:
  A) decreasing
  B) increasing
  C) constant
  D) zero
  Show Answer
  The correct answer is D .
• Question 2338: A measure of national income used as comparison of standard of living among nations is Options:
  A) net national product
  B) gross domestic product
  C) gross national product
  D) per capita income
  Show Answer
  The correct answer is D .
• Question 2339: Industries tend to be located closer to market centers than to the sources of major raw materials if the? Options:
  A) products are relatively cheap to transport to market centers
  B) products are relatively more expensive to transport than the major raw materials
  C) raw marterials are bulky
  D) raw marterials can also be imported
  Show Answer
  The correct answer is B .
• Question 2340: The national income of a country indicates that the gross domestic production was N17 700 million and gross domestic product was N16 800 million. The difference of N900 million represents? Options:
  A) debt repayment
  B) investments abroad
  C) net income from abroad
  D) capital consumption
  Show Answer
  The correct answer is C .