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 1291: One of the characteristics of private enterprises is ______? Options:
  A) Provision of welfare to the citizens
  B) That tax payers bear all the risks
  C) Public ownership of shares
  D) Individual funding of business activities
  Show Answer
  The correct answer is D .
• Question 1292:

  The law of supply states that, other things being constant, as price increases

  Options:
  A) Supply increases
  B) Supply decreases
  C) Quantity supplied increases
  D) Quantity supplied decreases
  Show Answer
  The correct answer is C .
• Question 1293:

  X	2	3	4	5
  F	2	5	2	1

   

  From the table, the mean of the distribution is___________

  Options:
  A) 2.2
  B) 2.5
  C) 3.2
  D) 4.5
  Show Answer
  The correct answer is C .
• Question 1294: One of the reason why the condition of supply of a commodity may change is Options:
  A) a change in real income
  B) changes in the technique of production
  C) a change of fashion or taste
  D) change in population
  Show Answer
  The correct answer is B .
• Question 1295: The ability of commercial banks to create money depends on the Options:
  A) reserve ratio
  B) liquidity ratio
  C) interest rate
  D) capital base
  Show Answer
  The correct answer is A .
• Question 1296: Disposable income is an income which? Options:
  A) is available for consumption and savings
  B) pensioners receive from the government
  C) is payable to the disable members of the community
  D) accures to the environmental sanitation authorites for refuse disposal
  Show Answer
  The correct answer is A .
• Question 1297: A firm enjoying economies of scale is said to be Options:
  A) reducing average cost as production increases
  B) benefiting from the activties of other firms
  C) maximizing profits as production increases
  D) having an upward-sloping average cost curve
  Show Answer
  The correct answer is A .
• Question 1298: Which of the following is NOT a type of business ownership? Options:
  A) Debenture holding
  B) private company
  C) Parnership
  D) Joint Stock venture
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  The correct answer is A .
• Question 1299: In the circular flow of income, an increase in savings causes Options:
  A) an increase in imports
  B) a decrease in the income stream
  C) an increase in household consumption
  D) a decrease in exports
  Show Answer
  The correct answer is B .
• Question 1300: A characteristic of the average fixed cost is that, it? Options:
  A) rises and falls faster than the marginal cost
  B) is U-shaped and intersects the price axis
  C) is always higher than the average variable cost
  D) falls continuously but is never equal to zero
  Show Answer
  The correct answer is D .