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 2571: An industry is? Options:
  A) company producing unrelated commodities
  B) group of firms producing related commodities
  C) group of firms producing distinct commodities
  D) firms producing differentiated commodities
  Show Answer
  The correct answer is B .
• Question 2572: 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
  Show Answer
  The correct answer is B .
• Question 2573: Which of these is NOT a bottle neck In the distribution of goods In Nigeria? Options:
  A) Adequate transportation network
  B) Inadequate credit facilities
  C) Inadequate storage facilities
  D) poor processing and packaging
  E) Unnecessary hoarding
  Show Answer
  The correct answer is A .
• Question 2574: The long run is a period during which a firm? Options:
  A) sells inputs to purchase fixed assets
  B) varies all its inputs
  C) sources all its inputs from within
  D) replaces all its inputs
  Show Answer
  The correct answer is B .
• Question 2575:

  

  When 20 units of output is produced, TC will be

  Options:
  A) ₦360
  B) ₦300
  C) ₦460
  D) ₦400
  Show Answer
  The correct answer is B .
• Question 2576: Technical progress that leads to a reduction in costs results in? Options:
  A) an increase in equilibrium price and quantity
  B) a decrease in equilibrium price and quantity
  C) an increase in equilibrium price and decrease in equilibrium quantity
  D) a decrease in equilibrium price and increase in equilibrium quantity
  Show Answer
  The correct answer is D .
• Question 2577: The theory of comparative advantage states that a commodity should be produced in that nation where the Options:
  A) Absolute cost is least
  B) Absolute money cost is least
  C) Opportunity cost is least
  D) Production possibility curve increases
  Show Answer
  The correct answer is C .
• Question 2578:

  The problem of conducting census include

  Options:
  A) high rate of rural-urban migration
  B) poor geographical distribution of population
  C) high birth rate in the country
  D) poor town planning in urban areas
  Show Answer
  The correct answer is D .
• Question 2579: The most important attribute of money is? Options:
  A) homogeneity
  B) relative scarcity
  C) divisibility
  D) general acceptability
  Show Answer
  The correct answer is D .
• Question 2580: One way of controlling deflation is by Options:
  A) contractionary monetary policy
  B) decreasing wages
  C) deficit financing
  D) rigid fiscal policy
  Show Answer
  The correct answer is C .