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 2361: Economist speak about 'opportunity cost' when a person Options:
  A) has the opporunity to attain a high degree of cost minimization
  B) has to forego one thing in order to have another
  C) can equate his fixed costs with his variable costs
  D) is able to run his business without much expenditure
  E) has to maximize utility in order to maintain a high standard of living
  Show Answer
  The correct answer is B .
• Question 2362:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 2363: An example of a long-run cost of a firm is Options:
  A) fuel and maintenace cost
  B) the planned size of plant equipment
  C) the existing size of plant and equipment
  D) rent on buildings
  Show Answer
  The correct answer is D .
• Question 2364: 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 2365: Which of the following is NOT an advantage of localization of industries? Options:
  A) Reaping of external economies
  B) Development of a pool or skilled labour for industry
  C) Development of subsidiary industries
  D) Development of organized markets
  E) Growth of conurbations
  Show Answer
  The correct answer is E .
• Question 2366: The best index for international comparison of standards of living is the? Options:
  A) gross national product
  B) net national income
  C) per capita income
  D) gross national income
  Show Answer
  The correct answer is C .
• Question 2367:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 2368: A supply curve is positively sloped because Options:
  A) supply always exceeds demand
  B) demand always exceeds supply
  C) price is an incentive to consumers
  D) price is an incentive to producers
  Show Answer
  The correct answer is D .
• Question 2369:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 2370: Collectivism refers to the system of management of state enterprises in a? Options:
  A) mixed economy
  B) co-operative organization
  C) capitalist economic system
  D) socialist economy
  Show Answer
  The correct answer is D .