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 451: The shape of a production possibility frontier is determined by the? Options:
  A) increasing relative costs
  B) returns to scale
  C) diminishing returns to a fixed factor
  D) increasing returns to a variable factor
  Show Answer
  The correct answer is A .
• Question 452: Collectivism refers to the system of management of state enterprises in a? Options:
  A) mixed economy
  B) co-operative organization
  C) capitalist economic system
  D) socialist economy
  Show Answer
  The correct answer is D .
• Question 453:

  The fundamental problem of economics is

  Options:
  A) Finding striking determinants between the forces of supply and demand
  B) The scarcity of productive resources relative to society's unlimited wants
  C) The establishment of a political framework to determine the what, how and for whom of production
  D) To establish an equitable distribution of income
  Show Answer
  The correct answer is B .
• Question 454:

  The most important cost curve for the firm is_________

  Options:
  A) MC
  B) AC
  C) TC
  D) FC
  Show Answer
  The correct answer is B .
• Question 455: Which of the following can cause oil glut in the International market? Options:
  A) Excess demand over supply
  B) Under- capacity utilization
  C) Excess supply over demand
  D) Economic boom
  Show Answer
  The correct answer is C .
• Question 456:

  The two major types of international trade are Bilateral trade and?

  Options:
  A) Internal trade
  B) Multilateral trade
  C) Dilateral trade
  D) Trilateral trade
  Show Answer
  The correct answer is B .
• Question 457: 'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct? Options:
  A) Human wants are numerous but the resources needed to satisfy them are limited
  B) Given numerous wants and limited resources only individuals and businesss firms make choice
  C) The process of making a choices involves opportunity cost
  D) An economist is not interested morality or otherwise of any choice so made
  E) Usually choice is made from a list of wants compliled in the context of a scale of preference
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  The correct answer is B .
• Question 458: Which of the following is NOT a function of Nigeria commercial Banks? Options:
  A) Acceptance of deposit
  B) Lending of money
  C) Investment in securities and business
  D) Issue of currency
  E) Selling and buying of travellers cheques
  Show Answer
  The correct answer is D .
• Question 459: A modern corporation is owned by? Options:
  A) debenture holders
  B) ordinary shareholders
  C) preference shareholders
  D) creditors
  Show Answer
  The correct answer is B .
• Question 460: Demand patterns are determined by the market on the basis of Options:
  A) scale of preference
  B) cousumer sovereignty
  C) cosumer rationality
  D) price of the commodity
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  The correct answer is B .