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 121:

  ------------- is NOT the cause of balance of payments (BOP) deficits in Nigeria

  Options:
  A) Poor performance of non-oil sector
  B) Export promotion
  C) No import substitution strategies
  D) High servicing of debt
  Show Answer
  The correct answer is B .
• Question 122: Improved labour efficiency can be measured by? Options:
  A) an increase in output-input ratio
  B) an decrease in output-input ratio
  C) the constancy of input-output ratio
  D) an increase in input-output ratio
  Show Answer
  The correct answer is A .
• Question 123: What would encourage the growth of international division of labour? Options:
  A) Improvement in transport system
  B) Instability in international exchange rate
  C) Restrictions on the movement of resources
  D) increase in tariff
  Show Answer
  The correct answer is A .
• Question 124: The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as? Options:
  A) microeconomics
  B) macroeconomics
  C) production
  D) indifference curve
  Show Answer
  The correct answer is A .
• Question 125: An important function of the World Bank is to Options:
  A) provide short-run loans to members
  B) encourage trade between members
  C) promote capital-intensive production
  D) provide long-time loans to members
  Show Answer
  The correct answer is D .
• Question 126: An important feature of a cartel is that? Options:
  A) members do not reduce price below the cartel price
  B) each member has a fixed output above which it is not expected to produce
  C) a powerful member fixes the price at which others will sell
  D) membes fix the prices for their products
  Show Answer
  The correct answer is B .
• Question 127: One of the characteristics of monopolistic competition is that Options:
  A) there is mobility of factors of production
  B) no single seller dominates the market
  C) the firms are price-takers
  D) consumers have perfect knowledge of price
  Show Answer
  The correct answer is B .
• Question 128: A discriminatory monopoly is characterized by Options:
  A) a common elasticity in different markets
  B) different elasticities in different markets
  C) a finite elasticity in all markets
  D) zero elasticity in all markets
  Show Answer
  The correct answer is A .
• Question 129: In the event of a limited liability company going into liquidation each Options:
  A) shareholder may lose the maximum of the amount he has invested
  B) shareholder loses nothing
  C) shareholders loses everything including his house
  D) shareholder''s liability becomes unlimited
  E) shareholder will lose the amount he has invested plus a proportion of his bank account
  Show Answer
  The correct answer is A .
• Question 130:

  The basic and essential economic problems in a community are related to choice and________

  Options:
  A) Freedom
  B) Scarcity
  C) Social class
  D) Politics
  Show Answer
  The correct answer is B .