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 921: The expression ‘terms of trade’ is used to describe Options:
  A) Quality of export
  B) The direction of foreign trade
  C) Terms of purchase on deferred payment basis
  D) The rate at which export exchange for imports
  E) Import licensing
  Show Answer
  The correct answer is D .
• Question 922: The primary motive for an individual engaging in production is to Options:
  A) make profit
  B) satisfy basic human wants
  C) redistribute wealth
  D) put inputs into use
  Show Answer
  The correct answer is B .
• Question 923: Goods that are useful, scarce and can command price are called …………. goods. Options:
  A) capital
  B) consumer
  C) economic
  D) free
  E) scarce
  Show Answer
  The correct answer is C .
• Question 924: The law of variable proportions is applicable only Options:
  A) in the long-run period
  B) to large-scale enterprises
  C) to small-scale enterprises
  D) in the short-run period
  Show Answer
  The correct answer is A .
• Question 925: If government fixes price below the equilibrium price, what effect will it have on demand? Options:
  A) Quantity demanded and supplied will be equal
  B) Quantity supplied will be greater than quantity demanded
  C) Quantity demanded will increase
  D) Quantity demanded will decrease
  Show Answer
  The correct answer is C .
• Question 926:

  A company's expenditure on raw materials is regarded as?

  Options:
  A) explicit cost
  B) implicit cost
  C) prime cost
  D) average cost
  Show Answer
  The correct answer is A .
• Question 927:

  A major function of the retailer is to

  Options:
  A) grant credit to the wholesaler
  B) break bulk and sell products in small units
  C) reduce cost of distribution
  D) generate demand for products through advertisement
  Show Answer
  The correct answer is B .
• Question 928: A modern corporation is owned by? Options:
  A) debenture holders
  B) ordinary shareholders
  C) preference shareholders
  D) creditors
  Show Answer
  The correct answer is B .
• Question 929: The Basic Needs Approach to development is Options:
  A) poverty alleviation
  B) provision of educational infrastructure
  C) provision of health services
  D) improvement in workers income
  Show Answer
  The correct answer is A .
• Question 930:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .