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 461: Opportunity cost is an economic concept which describes the? Options:
  A) monetary equivalent of the utility of a commodity
  B) amount of time or money invested on a commodity
  C) sacrifice made for the satisfaction of a want
  D) cost of retaining an optimum level of production of commodities
  Show Answer
  The correct answer is C .
• Question 462: Which of the following is not a component of national income at factor cost? Options:
  A) Wages earned by doctor
  B) Rent paid to landlords
  C) Indirect tax
  D) Undistributed company profits
  E) Interest on loan
  Show Answer
  The correct answer is C .
• Question 463: Economic development may be defined as economic growth? Options:
  A) in a given country
  B) over a long period
  C) and improved health facilities
  D) and improved distribution of wealth
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  The correct answer is D .
• Question 464: If monopoly is attempting to maximize profit which of the following should it attempt to do? Options:
  A) Select that output at which ATC is at minimum
  B) Set price equal to TC
  C) Maximize profit per unit
  D) Maximize revenue
  E) Equate marginal cost to marginal revnue
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  The correct answer is E .
• Question 465: Two principal ways by which banks can lend money to their customers are through? Options:
  A) loans and overdrafts
  B) loans and discounting bills
  C) overdrafts and cheques
  D) overdraft and treasury bills
  Show Answer
  The correct answer is A .
• Question 466:

  Occupational distribution of information is mainly influenced by___________

  Options:
  A) economic factor
  B) religious factor
  C) geographical factor
  D) social factor
  Show Answer
  The correct answer is A .
• Question 467: The shape of the long-run average cost curve is best explained by the Options:
  A) law of diminishing returns
  B) law of returns to scale
  C) cost of fixed inputs
  D) cost of variable inputs
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  The correct answer is B .
• Question 468: Which of the following is mostly used to determine the cost of living? Options:
  A) Marginal changes in prices
  B) Consumer price index
  C) Prices of imported and exported commodities
  D) producer price index
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  The correct answer is B .
• Question 469: Restriction on credit creation by commercial banks can be effected through? Options:
  A) an overdraft
  B) loans and advances
  C) demand deposits
  D) liquidity ratio
  Show Answer
  The correct answer is D .
• Question 470: A major effect of a long distribution chain is? Options:
  A) high retail prices
  B) scarcity of commodities
  C) low retail prices
  D) low producer earnings
  Show Answer
  The correct answer is B .