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 931:

  A firm's average cost decreases in the long-run because of

  Options:
  A) increasing returns to scale
  B) diminishing average returns
  C) decreasing marginal returns
  D) decreasing average fixed cost
  Show Answer
  The correct answer is A .
• Question 932: 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 933: The information that rank a consumer preferences is given by Options:
  A) Scale of preference
  B) Indifference map
  C) Demand schedule
  D) Supply schedule
  Show Answer
  The correct answer is B .
• Question 934:

  

  Using the table calculate the net income

  Options:
  A) ₦58m
  B) ₦54m
  C) ₦50m
  D) ₦46m
  Show Answer
  The correct answer is D .
• Question 935: A government budget proposing to spend more than its expected revenue in a year will create_______? Options:
  A) Opportunity for combating inflation
  B) Depression in the economy
  C) Shortage in money supply
  D) Opportunity for full employment
  Show Answer
  The correct answer is D .
• Question 936: Which of the following is NOT a visible item on international trade payment? Options:
  A) Payment for imported cars
  B) Receipt from cocoa exports
  C) Payments to foreign shipping companies
  D) Payments for steel imports
  E) Payment for petroleum imports
  Show Answer
  The correct answer is C .
• Question 937: The consumer-goods industry is predominant in the industrial sector of the Nigerian economy because of the? Options:
  A) availability of market and most of the raw materials required
  B) availability of the necessary machinery required
  C) experience of Nigerian producers
  D) relatively lower cost of production of such goods
  Show Answer
  The correct answer is A .
• Question 938: In the history of Economic Thought the concept of Division of labour is usually associated with? Options:
  A) David Richardo
  B) J.M. Keynes
  C) Adam Smith
  D) Karl Marx
  Show Answer
  The correct answer is C .
• Question 939: Foreign exchange control in Nigeria is administered by the? Options:
  A) United Bank for Africa
  B) Union Bank of Nigeria
  C) First Bank Of Nigeria
  D) Central Bank of Nigeria
  E) Natonal Bank of Nigeria
  Show Answer
  The correct answer is D .
• Question 940: A black market can occur when Options:
  A) supply is in excess of demand
  B) consumption of the commodity is restricted
  C) prices are set by government above the equilibrum
  D) prices are set by government below the equilibrium
  Show Answer
  The correct answer is B .