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 2911: One of the purposes of advertisement in marketing is to? Options:
  A) change the quality of the product
  B) raise the quantity of the product demanded as its price falls
  C) shift the demand curve for the product to the right
  D) raise production cost
  Show Answer
  The correct answer is C .
• Question 2912: The short-run equilibrium in a perfectly competitive market requires that? Options:
  A) marginal cost be equal to total revenue
  B) marginal cost and marginal revenue be equal
  C) costs are mutually determined by buyers and sellers
  D) the marginal cost curve cuts the total cost curve
  Show Answer
  The correct answer is A .
• Question 2913: Merchants banks perform all the following functions EXCEPT? Options:
  A) raising of capital for industry
  B) provision of current account facilities
  C) management of investment portfolios
  D) provision of credit for overseas trade
  Show Answer
  The correct answer is B .
• Question 2914: The marketing of agricultural products in Nigeria can be improved by Options:
  A) a massive production of farm produce
  B) re-establishing the marketing boards
  C) establishing more agricultural banks
  D) processing of farm produce
  Show Answer
  The correct answer is B .
• Question 2915: An industry engaged in the extraction of raw materials and its conversion into semi-finished goods is called industry. Options:
  A) construction
  B) conversion
  C) manufacturing
  D) mining
  E) processing
  Show Answer
  The correct answer is C .
• Question 2916: A firm achieves least cost in production by substituting factors until Options:
  A) their factor prices are equal
  B) their marginal-physical products are each equal to their factor prices
  C) their marginal-physical products are each zero
  D) the ratio of their marginal-physical products equals the ratio of their prices
  Show Answer
  The correct answer is C .
• Question 2917: If technology becomes less capital-intensive, it means? Options:
  A) an increase in the capital/labour ratio
  B) an increase in the capital/ratio
  C) a fall in the labour/capital ratio
  D) increased unemployment
  Show Answer
  The correct answer is B .
• Question 2918: The record of a country's transactions in international trade is her Options:
  A) capital account
  B) balance of payments
  C) current account
  D) balance of trade
  Show Answer
  The correct answer is B .
• Question 2919:

  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 2920: The money paid per hour for work done is Options:
  A) salary
  B) wage rate
  C) cost
  D) bonus
  Show Answer
  The correct answer is B .