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: Firms are often set up close to each other in order to take advantage of? Options:
  A) supply or skilled labour
  B) agglomeration economies
  C) internal economies of scale
  D) external economies of scale
  Show Answer
  The correct answer is D .
• Question 452: Which of the following factors is NOT responsible for the rural/urban drift in Nigeria? Options:
  A) The infrastructural facilities in cities
  B) Declining fertility of rural farmlands
  C) Rural electrification programme
  D) Higher living standards in urban areas
  Show Answer
  The correct answer is C .
• Question 453: Which of the following is a function of the central bank? Options:
  A) Accepting deposits from the public
  B) Agent of payment for individuals
  C) Discounting bills of exchange
  D) Issuing of currency
  E) Provision of short term housing loans
  Show Answer
  The correct answer is D .
• Question 454:

  $\begin{array}{cc}\text{Capital consumption allowance}& \text{N20,000}\\ \text{Gross domestic production}& \text{N60,000}\\ \text{Factor payment to foreigners}& \text{N10,000}\\ \text{Factor income from abroad}& \text{N15,000}\end{array}$

  From the above table, calculate the Gross National Product.

  Options:
  A) ₦70,000
  B) ₦75,000
  C) ₦50,000
  D) ₦60,000
  Show Answer
  The correct answer is B .
• Question 455: 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 456: In a planned economy, what shall be produced is determined primarily by? Options:
  A) what the consumer wants
  B) government decisions
  C) price mechanism
  D) the pattern of consumer spending
  Show Answer
  The correct answer is B .
• Question 457: Which of the following is NOT an instrument in the money market? Options:
  A) Treasury bill
  B) Bill of exchange
  C) Stocks and shares
  D) Call money fund
  Show Answer
  The correct answer is C .
• Question 458: the type of business finance that entitle the holder to a fixed rate of dividend is? Options:
  A) perferred stock
  B) common stock
  C) debenture stock
  D) bank loan
  Show Answer
  The correct answer is A .
• Question 459:

  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 460:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .