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 1151:

  

  In the diagram above, there is an excess

  Options:
  A) demand for 30 units
  B) supply of 40 units
  C) demand for 20 units
  D) supply of 20 units
  Show Answer
  The correct answer is C .
• Question 1152: A capital market differs from the money market in that in the former? Options:
  A) loan sought is short term
  B) loan reayment is guaranteed
  C) loan sought is long term
  D) the percentage of interest chargedis more
  Show Answer
  The correct answer is C .
• Question 1153: A limited liability company is usually owned by? Options:
  A) an individual
  B) a government
  C) shareholders
  D) two or more partners
  Show Answer
  The correct answer is C .
• Question 1154: Public limited liability companies are owned by__________? Options:
  A) The federal government
  B) Private and individual organizations
  C) The state government
  D) The federal and state governments
  Show Answer
  The correct answer is B .
• Question 1155:

  Price per tin	Demand per week	Supply per week
  ₦6	0 tins	45 tins
  ₦5	5 tins	35 tins
  ₦4	10 tins	25 tins
  ₦3	15 tins	15 tins
  ₦2	20 tins	5 tins
  ₦1	25 tins	0 tins

  Market for Garri: At a price of ₦5, the excess supply is`

  Options:
  A) 30 tins per week
  B) 45 tins per week
  C) 15 tins per week
  D) 20 tins per week
  E) indeterminate
  Show Answer
  The correct answer is A .
• Question 1156:

  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 1157:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 1158: Which would you NOT consider an advantage of one-man business? Options:
  A) freedom of action
  B) limited liabiities
  C) Quick decision-making
  D) Personal contact with customers
  E) none o the albove
  Show Answer
  The correct answer is B .
• Question 1159: The liability of the sole trader is? Options:
  A) indeterminable
  B) unlimited
  C) transferable
  D) limited
  Show Answer
  The correct answer is B .
• Question 1160:

  The decision to consume more of one product under normal circumstances will apply

  Options:
  A) less of another product will be consumed
  B) more of another product will be consumed
  C) less of the product will be consumed
  D) no other products will be consumed
  Show Answer
  The correct answer is A .