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 891: The distinguishing characteristic between the money market and the capital market lies in whether the Options:
  A) securities are primary or secondary
  B) debt instruments provided are long-term or short-term
  C) funds mobilized are private or public
  D) securities are in debentures or ordinary shares
  Show Answer
  The correct answer is B .
• Question 892:

  The determination of price by bargaining between buyers and sellers is________

  Options:
  A) Sales by Auction
  B) Tender
  C) Higgling and Haggling
  D) Price Control
  Show Answer
  The correct answer is C .
• Question 893: Which of the following is an example of a fixed cost? Options:
  A) Fuel cost
  B) Electricity bill
  C) Rent on building
  D) Transportation cost
  Show Answer
  The correct answer is C .
• Question 894: The most important factor determining the location of the cement industry in Nigeria today is ? Options:
  A) capital and government policy
  B) the nature of the product, infrastructure and government policy
  C) nearness to the market and source of power
  D) Price of the product and source of labour
  E) raw materials
  Show Answer
  The correct answer is E .
• Question 895: Personal distribution of income implies? Options:
  A) the way in which income is distributed among specific households or spending units
  B) the distribution of income according to basic resources
  C) dividing income according to industries
  D) dividing income between personal taxes, consumption expenditures and savings
  Show Answer
  The correct answer is A .
• Question 896: Economics is regarded as a social science because it? Options:
  A) adopts the scientific method in production
  B) is an agent of socialization
  C) adopts the scientific method in the study of human behaviour
  D) adopts the scientific method with social problems
  Show Answer
  The correct answer is C .
• Question 897: Unlike the retailer, the wholesaler provides? Options:
  A) useful information to the manufacturer about consumers'taste
  B) after-sales services to the consumers
  C) useful information to the costumers on the benefits and uses of the product
  D) useful information about market trends and finance to the manufacturer
  Show Answer
  The correct answer is D .
• Question 898: In computing national income, transfers are excluded because Options:
  A) they are received only by the poor
  B) the figures reduce the size of national income
  C) it is difficult to get the exact figures
  D) they are not payments for productive activities
  Show Answer
  The correct answer is D .
• Question 899: How can a firm benefit from external economies? Options:
  A) Increasing its expenditure on advertising
  B) Increasing the workforce
  C) Locating in an area in which the industry is already established
  D) Merging with another domestic firm engaged in the same industry
  Show Answer
  The correct answer is C .
• Question 900: If a firm is faced with an elastic supply curve, its revenue will Options:
  A) be supplied at a higher price
  B) double at a higher price
  C) increase by more than the percentage increase in price
  D) equal percentage change in price
  Show Answer
  The correct answer is C .