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 31: An important function of the retailer is to? Options:
  A) grant credit to the wholesaler
  B) break bulk and sell products in small units
  C) reduce cost of distribution
  D) generate demand for products through advertisement
  Show Answer
  The correct answer is B .
• Question 32: Which of the following factors is an important determinant of the magnitude of price elasticity of demand? Options:
  A) The production period
  B) Cost of storage
  C) Durability of the product
  D) Availability of factors of production
  Show Answer
  The correct answer is C .
• Question 33:

  The term 'investment' in macroeconomics means

  Options:
  A) Profit
  B) Total amount of money invested in bonds and stocks
  C) The total amount of capital goods in the country
  D) The production of goods for immediate consumption
  Show Answer
  The correct answer is C .
• Question 34: In the distribution channels for goods and services, the middleman's mark-up margin provides a rough measure for the ? Options:
  A) quantity discounts allowed final consumer
  B) reward for business enterpreneurship
  C) effectiveness of government control over the economy's marketing channels
  D) extent of exploitation of the final consumer
  Show Answer
  The correct answer is B .
• Question 35: The infant industry argument for protection in developing countries recognizes the needs to employ tariffs to protect Options:
  A) Industries producing baby food and clothing
  B) Industries owned by infants
  C) Newly set-up industries
  D) Industries in which infants will be taken care of
  E) Industries that behave like infants
  Show Answer
  The correct answer is C .
• Question 36:

  Cooperative societies are formed mainly to

  Options:
  A) assist producers to maximize their profits
  B) encourage thrift and credit among members
  C) promote and maintain the welfare of members
  D) break the monopolies of private companies
  Show Answer
  The correct answer is C .
• Question 37: Marginal cost is Options:
  A) Lowest cost of producing goods
  B) The cost of production of the most efficient firm in the industry
  C) Cost of production of the most inefficient firm in the industry
  D) The cost of production of the last or extra unit of goods produced by a firm
  E) The cost of production at which the minimum profit is obtained by a firm
  Show Answer
  The correct answer is D .
• Question 38:

  One of the major forms of migration that tends to create problem in all developing countries is that of___________

  Options:
  A) Rural-urban migration
  B) Rural-rural migration
  C) Urban-rural migration
  D) Seasonal migration
  Show Answer
  The correct answer is A .
• Question 39:

  An example of transfer payments in national income accounting is

  Options:
  A) money transferred to another country
  B) unemployment allowance paid to the citizens
  C) the amount paid to a worker on transfer
  D) transfer of funds from one bank to another
  Show Answer
  The correct answer is B .
• Question 40: A country exporting mainly primary products and with a high percentage of her labour force in agriculture is said to be? Options:
  A) developing
  B) developed
  C) poor
  D) underdeveloped
  Show Answer
  The correct answer is A .