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 1211:

  External economies arises essentially from__________

  Options:
  A) a firm's individual policies
  B) localisation of industry
  C) government economic policy
  D) free transferability of shares
  Show Answer
  The correct answer is B .
• Question 1212: One disadvantage of sole proprietorship is its? Options:
  A) limited libility
  B) high profits
  C) high sense of ownership
  D) low credit rating
  E) low failure rate
  Show Answer
  The correct answer is D .
• Question 1213: Divorce of ownership from control is a characteristic of? Options:
  A) sole properitorship
  B) a limited liability company
  C) partnership
  D) a private limited company
  Show Answer
  The correct answer is B .
• Question 1214: The sector that employs the largest proportion of the active labour force in Nigeria is the? Options:
  A) oil sector
  B) federal civil services
  C) financial sector
  D) agricultural sector
  Show Answer
  The correct answer is D .
• Question 1215:

  Money becomes a very poor store of value in a period of _______

  Options:
  A) Harvest
  B) Deflation
  C) Recession
  D) Inflation
  Show Answer
  The correct answer is D .
• Question 1216: The Malthusian theory of population growth is often said to be? Options:
  A) ambiguous
  B) oversimplified
  C) pessimistic
  D) optimistic
  Show Answer
  The correct answer is C .
• Question 1217: Which of the following applies to a commodity sold abroad at a price lower than that in the producing country? Options:
  A) Dumping
  B) Counter-trade
  C) Bilateral trade
  D) Trade liberalization
  Show Answer
  The correct answer is A .
• Question 1218:

  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 .
• Question 1219: In the long-run, a monopolist maximized his profit when the marginal cost equals? Options:
  A) total revenue
  B) marginal revenue
  C) average revenue
  D) price
  Show Answer
  The correct answer is D .
• Question 1220:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .