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 2551:

  The International Bank for Reconstruction and Development(IBRD) performs the following functions except-------

  Options:
  A) granting long-term loans
  B) assisting with technical expertise
  C) reducing tariff among members
  D) developing human resource
  Show Answer
  The correct answer is C .
• Question 2552: When marginal cost equals marginal revenue of products Options:
  A) the firms is producing at a loss
  B) the firm is at a break-even point
  C) the firm is making the least profit
  D) the supplementary cost of the firm is highest
  E) the firm has maximum profit
  Show Answer
  The correct answer is B .
• Question 2553: The advantage of sole proprietorship is as follow Options:
  A) It is always successful
  B) Continuity is no problem
  C) Control and supervision is under one man
  D) Funds are easy to obtain
  E) Inter-generational equity is assured
  Show Answer
  The correct answer is C .
• Question 2554: If a society is operating on the production possibility curve, this implies that the resources are? Options:
  A) fully and efficiently utilized
  B) fully but inefficiently utilized
  C) efficiently but not fully utilized
  D) abundant
  Show Answer
  The correct answer is A .
• Question 2555:

  Which of the following forms of economic integration is a member nation free to impose duty against non-members

  Options:
  A) Customs union
  B) free trade area
  C) Common market
  D) Economic community
  Show Answer
  The correct answer is A .
• Question 2556: 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 2557: Which of these would NOT increase population of a country Options:
  A) Increase in death rate
  B) Decrease in birth rate
  C) Emigration
  D) Migration
  E) Better medical facilities
  Show Answer
  The correct answer is A .
• Question 2558: One of the functions money is that, it helps? Options:
  A) detect frauds in matters of exchange
  B) postponed payments without loss of count
  C) store information about the valuation of an item
  D) record information about the valuation of an item
  Show Answer
  The correct answer is C .
• Question 2559:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 2560: In a developing economy, productivity is measured by the Options:
  A) capital-output ratio
  B) output growth rate
  C) output-labour ratio
  D) output per capita
  Show Answer
  The correct answer is C .