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 501: A bank is said to be distressed when it? Options:
  A) is unable to deal with the Central Bank
  B) has a low level of capital base
  C) has low level of deposits
  D) experiences serious liquidity crisis
  Show Answer
  The correct answer is D .
• Question 502: Farmers' income may fall if they produce more cash crops for export because? Options:
  A) foreign demand is inelastic
  B) the price of the crops will rise
  C) of domestic currency depreciation
  D) of export duties
  Show Answer
  The correct answer is A .
• Question 503: Which of the following is a form of business enterprise? Options:
  A) Cartel
  B) Entrepreneurship
  C) Partnership
  D) Stock exchange
  E) Supermarket
  Show Answer
  The correct answer is C .
• Question 504:

  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 505: The best channel of distribution of baked bread is through? Options:
  A) wholesalers to retailers then to consumers
  B) direct sales to consumers
  C) wholesalers to consumers
  D) retailers to consumers
  Show Answer
  The correct answer is B .
• Question 506:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 507: Average fixed cost is Options:
  A) Average total cost less the sum of average variable cost
  B) Half the sum of all costs
  C) Total fixed cost divided by the level of output
  D) Total fixed cost plus marginal cost
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  The correct answer is C .
• Question 508: When the value of a country’s export exceeds her imports, there will be a Options:
  A) deficit current account
  B) excess visible imports only
  C) favorable balance of trade
  D) favourable capital account
  E) surplus current account
  Show Answer
  The correct answer is C .
• Question 509: In order to build up its capital stock, the typical less developed country should ideally Options:
  A) Increase total saving
  B) Depend on hand-out from foreigners
  C) Impose tariff on import
  D) nationalise all foreign concern
  E) None of the above
  Show Answer
  The correct answer is A .
• Question 510: The burden of a government tax on a commodity whose demand is inelastic will Options:
  A) be borne only by the government
  B) fall more heavily on consumers
  C) be shared equally between consumers and producers
  D) fall more heavily on producers
  Show Answer
  The correct answer is B .