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 2451: The Revenue Mobilization, Allocation and Fiscal Commission in Nigeria has the primary responsibility for Options:
  A) maintaining the fiscal supremacy of the central government the fiscal supremacy of the central government
  B) evolving an acceptable wage for public servants
  C) evolving an acceptable revenue-sharing formula
  D) ensuring equity in the sharing of fiscal responsibilities
  Show Answer
  The correct answer is C .
• Question 2452: The loans from the World Bank to developing countries are mainly to support Options:
  A) capital-intensive technology
  B) the establishment of universities
  C) their infrastructure investment
  D) their level of consumption
  Show Answer
  The correct answer is C .
• Question 2453: Through membership of the Economic Community of West African States (ECOWAS) countries have achieved Options:
  A) a large market for their products
  B) emancipation of Africa
  C) full employment of resources
  D) higher transportation cost of goods within the region
  E) military superiority over other African countries
  Show Answer
  The correct answer is A .
• Question 2454: Cost-push inflation is caused by? Options:
  A) growth of government expenditure
  B) increase in factor prices
  C) increase in money supply
  D) hoarding
  Show Answer
  The correct answer is B .
• Question 2455: Firms embark on vertical integration in other to Options:
  A) take over markets formally controlled by other firms
  B) prevent other firms from entering the market
  C) reduce advertisement and management cost
  D) enjoy economies of large-scale production
  Show Answer
  The correct answer is D .
• Question 2456: One of the positive contributions of the petroleum industry to Nigeria’s economic development is that it Options:
  A) creates ecological problems
  B) creates political unrest
  C) creates uncertainties in government revenues
  D) is a major foreign exchange earner
  E) suppresses agricultural development
  Show Answer
  The correct answer is D .
• Question 2457: Which of the following institutions does not operate in the money market? Options:
  A) central bank
  B) mortgage banks
  C) money deposit banks
  D) insurance companies
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  The correct answer is B .
• Question 2458:

  

  From the graph above, R represents

  Options:
  A) marginal cost
  B) total cost
  C) variable cost
  D) fixed cost
  Show Answer
  The correct answer is C .
• Question 2459: A vertical supply curve indicates that? Options:
  A) the quantity supplied is responsive to price
  B) the same fixed quantity will be supplied no matter the price
  C) an increase in price will result in an increase in the quantity supplied
  D) there is a fixed price for the commodity below which no supply will be made
  Show Answer
  The correct answer is B .
• Question 2460: An isoquant lying above to the right of another represents Options:
  A) a higher output level
  B) constant returns to scale
  C) over-capacity utilization
  D) a lower output level
  Show Answer
  The correct answer is A .