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 811: The main function of the price system is to? Options:
  A) distribute resources equally among competing ends
  B) ensure efficient allocation of resources in the economic system
  C) allocate goods and services equally
  D) minimize cheating
  Show Answer
  The correct answer is B .
• Question 812:

  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 813: A major function of middlemen in Nigeria is the distribution of? Options:
  A) commodities to all consumers regardless of income
  B) commodities to consuming centres and the collection of money income to producing centres
  C) economic welfare to all
  D) wealth to all
  E) poverty within the society
  Show Answer
  The correct answer is A .
• Question 814:

  

  From the diagram, determine the profit-maximizing output

  Options:
  A) 600
  B) 800
  C) 900
  D) 1000
  Show Answer
  The correct answer is C .
• Question 815: The short-run supply curve for medical doctors is more likely to be Options:
  A) perfectly elastic
  B) perfectly inelastic
  C) fairly inelastic
  D) fairly elastic
  Show Answer
  The correct answer is B .
• Question 816: Favorable terms of trade is important to a country because it facilities? Options:
  A) economic prosperity for importers and exporters
  B) export of hard currency by the government
  C) economic prosperity for country
  D) import of hard currency by the government
  Show Answer
  The correct answer is C .
• Question 817: The major function of money market is to Options:
  A) provide funds for long-term financing
  B) provide funds short-term financing
  C) stabilize the value of the local currency
  D) stabilize domestic prices
  Show Answer
  The correct answer is B .
• Question 818:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 819: Government can boost agricultural output in Nigeria primarily by Options:
  A) embarking on buffer stock programmes
  B) placing embargo on food importation
  C) granting subsidies on farm inputs
  D) placing farmers on monthly income
  Show Answer
  The correct answer is C .
• Question 820: In a subsistence economy? Options:
  A) there is no shortage of goods and services
  B) the state is the sole owner of resources
  C) production is largely oriented towards consumption in the rular sector
  D) there is no exchange of goods and services
  E) women predominate in all economic activities
  Show Answer
  The correct answer is C .