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 2601: Net national income is Options:
  A) Gross national income minus depreciation
  B) gross domestic product plus net income from abroad
  C) nominal national income divided by the price level
  D) gross national income divided by the total population
  E) gross national product plus subsidies minus indirect taxes
  Show Answer
  The correct answer is E .
• Question 2602: Which is NOT a function of Central Bank in West Africa Options:
  A) Dealing in foreign exchange
  B) Issuing of currency
  C) Accepting deposit from private customers
  D) Acting as government bank
  E) Acting as bankers bank
  Show Answer
  The correct answer is C .
• Question 2603: A factor that influences the location of a firm near its market is the? Options:
  A) transportation of bulky raw materials
  B) external economies
  C) high cost of transporting finished goods
  D) availability of skilled manpower
  Show Answer
  The correct answer is C .
• Question 2604: Comparison of interpersonal utility is impossible because Options:
  A) utility is measured in utils
  B) marginal utility is not observable
  C) utility is subjectively determined
  D) individual income differ
  Show Answer
  The correct answer is A .
• Question 2605:

  A firm is at its optimum size when ___________

  Options:
  A) It has a motive to increase output
  B) It produces the greatest output at a minimum cost
  C) Marginal cost equals marginal revenue
  D) Marginal cost is less than marginal revenue
  Show Answer
  The correct answer is B .
• Question 2606: Other products gotten from Petroleum include the following EXCEPT: Options:
  A) Rubber
  B) fuel
  C) paints
  D) insecticides
  Show Answer
  The correct answer is A .
• Question 2607:

  A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________

  Options:
  A) Import monopoly
  B) Import licence
  C) Import quota
  D) Embargo
  Show Answer
  The correct answer is B .
• Question 2608: An account from which allocations are made to the three tier of government in Nigeria is called the? Options:
  A) National Income Account
  B) Public Sector
  C) Federation account
  D) National Revenue Mobilization Account
  Show Answer
  The correct answer is C .
• Question 2609:

  If the supply curve of labour market is given as S = 4L + 8. What is L when s = 20?

  Options:
  A) 2
  B) 4
  C) 5
  D) 3
  Show Answer
  The correct answer is D .
• Question 2610: A student has N30.00 with which to buy a ruler costing N18.00 and an exercise book costing N25.00. If he buys the exercise book, his opportunity cost is? Options:
  A) the ruler
  B) the exercise book
  C) N25.00
  D) 18.00
  Show Answer
  The correct answer is A .