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 471: The type of business finance that entitles the holder to a fixed rate of dividend is? Options:
  A) perferred stock
  B) common stock
  C) debenture
  D) bank loan
  Show Answer
  The correct answer is C .
• Question 472: Fixing the prices of agricultural products can be a problem because of the Options:
  A) activities of marketing boards
  B) size of agricultural exports
  C) instability of government policies
  D) unpredicatable output of farmers
  Show Answer
  The correct answer is D .
• Question 473: One of the most important factors that should be considered in the location of an industry is? Options:
  A) nearness to the financial centre
  B) assured patronage by government functionaries
  C) availabilities of inputs and market
  D) availabilities of adequate security
  Show Answer
  The correct answer is C .
• Question 474: A firm is said to have benefited from external economies in production if it has realized? Options:
  A) a more efficient management of resources
  B) a better combination of factors of production
  C) reduced resources costs due to operation of other firms
  D) a higher profit level due to increased sales
  Show Answer
  The correct answer is C .
• Question 475:

  Fiduciary issue is that part of?

  Options:
  A) the issue of notes backed entirely by gold
  B) a country's currency that is not negotiable
  C) the issue of notes not backed by gold
  D) a country's currency officially issued
  Show Answer
  The correct answer is C .
• Question 476: A sustained increase in the per capita income of a country over a period of time is called? Options:
  A) economic growth
  B) economic development
  C) structural change
  D) stagflation
  Show Answer
  The correct answer is A .
• Question 477: Internal economies of scale are expected to bring about? Options:
  A) an increase in short-run average cost
  B) an increase in long-run average cost
  C) a decrease in long-run average cost
  D) a decrease in short-run average cost
  Show Answer
  The correct answer is B .
• Question 478: One way of controlling deflation is by Options:
  A) contractionary monetary policy
  B) decreasing wages
  C) deficit financing
  D) rigid fiscal policy
  Show Answer
  The correct answer is C .
• Question 479: Which of the following is not an asset of a commercial bank? Options:
  A) cash
  B) money at call
  C) treasury bills
  D) reserve funds
  E) loans and over-draft
  Show Answer
  The correct answer is B .
• Question 480: The crucial factors which determine the location of petroleum refineries in Nigeria are availability of raw materials and? Options:
  A) capital
  B) political consideration
  C) nearness to source of power
  D) labour
  Show Answer
  The correct answer is B .