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 1201: The maximum number of shareholders for a limited liability company's is Options:
  A) twenty
  B) five
  C) seven
  D) infinite
  Show Answer
  The correct answer is D .
• Question 1202: An aging population refers to the preponderance of? Options:
  A) middle-aged people in the population
  B) young people in the population
  C) women in the the population
  D) old men in the population
  E) old people in the population
  Show Answer
  The correct answer is E .
• Question 1203: Which of the following can be deduced from the law of variable proportions when total output is rising? Options:
  A) MP is greater than AP
  B) MP is less than AP
  C) MP is equal to AP
  D) MP is equal to zero
  Show Answer
  The correct answer is A .
• Question 1204: Infant industries are Options:
  A) a baby food and a baby clothing factories
  B) those which are introducing new products
  C) cases of arrested development
  D) industries temporarily protected by tariff barriers until mature enough to compete on world markets
  E) industries that are allowed to remain permanent cases of adolescence
  Show Answer
  The correct answer is D .
• Question 1205:

  If the pass mark was 40, how many students passed the examination?

  Options:
  A) 100
  B) 120
  C) 160
  D) 200
  Show Answer
  The correct answer is C .
• Question 1206: The labour force of a country is determined by the Options:
  A) age structure of the population
  B) geographical distribution of the population
  C) sex distribution of the population
  D) number of people available for work
  Show Answer
  The correct answer is A .
• Question 1207: The shut-down point for a firm in the short run is the output at which? Options:
  A) the pricr of the product is lowest
  B) marginal Cost is constant
  C) Average Variable Cost is not covered
  D) Average Cost is minimum
  Show Answer
  The correct answer is C .
• Question 1208: A deficit balance of payments is measured by subtracting the debits from the credits in the Options:
  A) current account
  B) current and capital accounts
  C) current and escrow accounts
  D) capital and escrow accounts
  Show Answer
  The correct answer is D .
• Question 1209: Which of the following can cause oil glut in the International market? Options:
  A) Excess demand over supply
  B) Under- capacity utilization
  C) Excess supply over demand
  D) Economic boom
  Show Answer
  The correct answer is C .
• Question 1210: Which of the following is the standard concept for measuring and analyzing population growth? Options:
  A) The rate of natural increase
  B) The net migrate
  C) The rate of population increase
  D) The fertility rate
  E) All of the above
  Show Answer
  The correct answer is E .