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 251:

  The term "Money at call and short notice" in a bank's assets represents the bank's loans to______

  Options:
  A) industry and commerce
  B) overseas central banks
  C) the capital market
  D) the money markets
  Show Answer
  The correct answer is D .
• Question 252:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 253:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 254: ECOWAS Visa lasts for Options:
  A) 14 days
  B) 30 days
  C) 60 days
  D) 90 days
  E) 100 days
  Show Answer
  The correct answer is D .
• Question 255:

  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 256: Under conditions of perfect competition, a firm's supply curve is determined by its? Options:
  A) total cost curve
  B) marginal cost curve
  C) variable cost curve
  D) fixed cost curve
  Show Answer
  The correct answer is B .
• Question 257:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 258: To which of the following sectors do services belong? Options:
  A) Primary
  B) Secondary
  C) Tertiary
  D) Construction
  Show Answer
  The correct answer is C .
• Question 259: In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is? Options:
  A) N5,200
  B) N 4,760
  C) N4,670
  D) N2,080
  Show Answer
  The correct answer is C .
• Question 260:

  $\begin{array}{cc}\text{Unit of output}& \text{Table cost}\\ 1& 20\\ 2& 32\\ 3& 42\\ 4& 48\\ 5& 50\end{array}$

  Inthe above table, the marginal cost of the 3rd unit of output is

  Options:
  A) 12
  B) 6
  C) 10
  D) 2
  E) 9
  Show Answer
  The correct answer is C .