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 1101: The rate at which money changes hands is known as the? Options:
  A) rate of inflation
  B) velocity of transactions
  C) velocity of money
  D) velocity of circulation
  Show Answer
  The correct answer is D .
• Question 1102: The main handicap of sole proprietorship is? Options:
  A) limited liability
  B) lack of technical know-how
  C) low profit margin
  D) inadequate capital
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  The correct answer is D .
• Question 1103: If Mr. X lost his clerical job at a store and searched for a similar job for ten months before finding one this implies that Mr.X was Options:
  A) structurally unemployed
  B) frictionally unemployed
  C) seasonally unemployed
  D) cyclically unemployed
  Show Answer
  The correct answer is B .
• Question 1104:

  

  In the diagram, the profit maximizing output is

  Options:
  A) Q₁ while 1 = AC and II = MC
  B) Q₁, while l = MC and ll = AC
  C) Q₂, while l = MC and ll AC
  D) Q₃, while l = AC and ll = MC
  Show Answer
  The correct answer is C .
• Question 1105: What will increase the likelihood that the firms in an industry will conclude to maximize their joint profit? Options:
  A) The industry has many differentiated products
  B) The industry is characterized by rapid technological change
  C) The industry consist of large number of producers
  D) There are significant barriers to prevent firms entering the market
  Show Answer
  The correct answer is D .
• Question 1106: An important 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 1107: The mean is the best measure of central tendency because it Options:
  A) is not affected by extreme values in a data
  B) is a midpoint value in an array of data
  C) is a balancing point in an observation
  D) can be calculated from incomplete data
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  The correct answer is C .
• Question 1108: Price can be defined as? Options:
  A) a rate of exchange
  B) a mediumof exchange
  C) the cost of product
  D) the standard of accounting
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  The correct answer is A .
• Question 1109: Goods sold in perfectly competitive markets are generally Options:
  A) homogenous
  B) intermediate and final
  C) durable and non-durable
  D) heterogeneous
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  The correct answer is A .
• Question 1110: Which of the following is an external economy derived by a firm? Options:
  A) Low cost opportunities enjoyed by being in a place where other producers concentrate
  B) Technical economics enjoyed by varying the factors of production
  C) Economics of management by putting administrators where the are most efficient
  D) marketing advantages attained through preferential treatment in the purchase and distribution of produce
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  The correct answer is A .