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 2701: In a free market system, trading can only take place when the? Options:
  A) market is not working effectively
  B) equilibrium price is attained
  C) price of a commodity tends to attract consumers
  D) consumers sovereignty is lacking
  Show Answer
  The correct answer is B .
• Question 2702: In a small scale business, the fixed cost is N5,000, variable cost is N15,000 and the output is 500 units. What will be the unit cost of the goods? Options:
  A) N400.00
  B) N80.00
  C) N40.00
  D) N20.00
  Show Answer
  The correct answer is C .
• Question 2703: The meaning of scale of preference is? Options:
  A) preparing a list of goods and services to be purchased in order of priority
  B) showing the monthly income
  C) budget preparation without due regard to proper proirities
  D) consumers' preference for luxury goods
  E) consumers preference for foreugn goods
  Show Answer
  The correct answer is A .
• Question 2704: Which of the following is an important function of prices in a market economy? Options:
  A) Ensuring that resources are used in the most efficient manner
  B) Ensuring an equitable distribution of goods and services
  C) Ensuring that all industries are perfectly competitive in the long run
  D) Equating level of purchases with level of needs
  Show Answer
  The correct answer is D .
• Question 2705:

  In a free market economy, the rationing of scarce goods is done principallyby?

  Options:
  A) the government
  B) business organizations
  C) the price mechanism
  D) consumers
  Show Answer
  The correct answer is C .
• Question 2706:

  

  Given an output of 3 units, the average revenue is

  Options:
  A) ₦16.00
  B) ₦18.00
  C) ₦20.00
  D) ₦24.00
  Show Answer
  The correct answer is B .
• Question 2707: Which of the following is not an asset of a commercial bank? Options:
  A) cash
  B) money at call
  C) treasury bills
  D) reserve funds
  E) loans and over-draft
  Show Answer
  The correct answer is B .
• Question 2708:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 2709: Fiscal policy involves changes in? Options:
  A) open market operations
  B) revenue and expenditure of government
  C) money supply to the economy
  D) imports and exports
  Show Answer
  The correct answer is B .
• Question 2710: The opportunity cost of the use of productive resources which a producer owns and so does not pay constitutes? Options:
  A) a fixed cost
  B) an implicit cost
  C) a variable cost
  D) a prime cost
  Show Answer
  The correct answer is B .