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 2841:

  One major problem facing West African countries is

  Options:
  A) Relations with Colonial Masters
  B) Joint Military operations in Member States
  C) Political integration
  D) Financial crunch of Member States
  Show Answer
  The correct answer is A .
• Question 2842: Which of the following is NOT a function of marketing boards in Nigeria? Options:
  A) Fixing of prices for farm produce
  B) Grading of farm produce
  C) Importation of farm produce
  D) Marketing of farm produce
  E) Price stabilization
  Show Answer
  The correct answer is C .
• Question 2843: Long-run in economic mean a period of time in which Options:
  A) all factor inputs are not being used
  B) all factor inputs are variable
  C) all factor inputs are fixed
  D) only few factor inputs are variable
  E) firms are not producing at all
  Show Answer
  The correct answer is B .
• Question 2844:

  Which of the following factors is not a cause of diminishing returns?

  Options:
  A) Increase in variable inputs
  B) Land fragmentation
  C) Constant technology
  D) Technological innovations
  Show Answer
  The correct answer is D .
• Question 2845: The maintenance of general economic stability in the country necessarily relies heavily on? Options:
  A) federal fiscal policy
  B) coordinated federal, state and local fiscal policies
  C) tax and revenue policies of state governments
  D) federal grants to state and local government
  E) federal grants to local governments
  Show Answer
  The correct answer is B .
• Question 2846:

  Which of the following cannot be classified as a natural resource?

  Options:
  A) Iron rod
  B) Wild life
  C) Solar energy
  D) Gold
  Show Answer
  The correct answer is A .
• Question 2847: In the short run, the monopolistic competitors? Options:
  A) always makes profit
  B) always incurs a loss
  C) always breaks -even
  D) may close down
  Show Answer
  The correct answer is A .
• Question 2848: Which of the following enterprises does NOT pursue the sole objective of profit maximization? Options:
  A) Roads of Nigeria Ltd
  B) Union Bank of Nigeria Ltd
  C) Nigeria Electric Power Authority
  D) Volkswagen (VW) Nigeria Ltd
  E) Kingsway Nigeria Ltd
  Show Answer
  The correct answer is C .
• Question 2849:

  

  The average total cost when 20 units are produced is

  Options:
  A) ₦20.00
  B) ₦23.00
  C) ₦13.00
  D) ₦15.00
  Show Answer
  The correct answer is D .
• Question 2850: The financial institution known as a building society is Options:
  A) commercial bank
  B) central bank
  C) mortgage bank
  D) development bank
  Show Answer
  The correct answer is C .