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 2861: Transcationary motive implies, holding money Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 2862: The unit of satisfaction dived from the consumption of an additional unit of a commodity is known as Options:
  A) average utility
  B) marginal cost
  C) marginal product
  D) marginal utility
  E) total utility
  Show Answer
  The correct answer is D .
• Question 2863: Industries contribute to national economic development because they? Options:
  A) utilize local raw materials
  B) employ an increase number of labour
  C) provide recreational facilities
  D) use modern machines which replace human labour
  Show Answer
  The correct answer is A .
• Question 2864: Mobility of labour is NOT affected by Options:
  A) optimum size of population
  B) marriage and family
  C) regulation of trade unions
  D) period of training
  Show Answer
  The correct answer is A .
• Question 2865: A characteristic of the linear production function is that Options:
  A) the percentage change in inputs change exceeds output
  B) output and all inputs change by the same percentage
  C) the percentage change in output is greater than one
  D) the percentage change in output is less than one
  Show Answer
  The correct answer is B .
• Question 2866: The precautionary demand for money is determined by Options:
  A) the rate of interest
  B) the level of savings
  C) the level of income
  D) general price level
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  The correct answer is A .
• Question 2867: A major objective of the Federal Government's initiative on cassava production in Nigeria is to Options:
  A) diversify the export base of the economy
  B) ensure the availability of cassava
  C) make cassava a staple food in the country
  D) provide raw materials for industries
  Show Answer
  The correct answer is A .
• Question 2868:

  One of the advantages of large - scale production is that

  Options:
  A) There is a rise in the cost of administration
  B) Consumers sacrifice their individual tastes
  C) The firm can use labour - saving machinery
  D) The demand for a firm's products become localized
  E) Decision making takes a long time because different levels of management are involved
  Show Answer
  The correct answer is C .
• Question 2869: Specialization often improves economic performance because it? Options:
  A) permits exploitation of economies of scale
  B) incorporates external economies
  C) is based on the law of variable proportions
  D) allocates resources according to absolute advantage
  Show Answer
  The correct answer is D .
• Question 2870: The system of agriculture practice which involves hunting, gathering and growing of food crops for family consumption only is described as? Options:
  A) peasant agriculture
  B) plantation agriculture
  C) co-operative farming
  D) subsistence farming
  Show Answer
  The correct answer is D .