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 1361: Which of the following is not a form of business organization Options:
  A) A sole proprietorship
  B) Cartel
  C) Partnership
  D) Joint stock
  E) Cooperative society
  Show Answer
  The correct answer is B .
• Question 1362: Fixing the prices of agricultural products can be a problem because of the Options:
  A) activities of marketing boards
  B) size of agricultural exports
  C) instability of government policies
  D) unpredicatable output of farmers
  Show Answer
  The correct answer is D .
• Question 1363: Which of the following is NOT a part of the fixed costs of a limited liability company? Options:
  A) Interest on loans
  B) Rent on buildings
  C) Depreciation reserves
  D) Management expenditure
  E) Wages
  Show Answer
  The correct answer is E .
• Question 1364:

  The increase in the demand for a commodity may lead to a decrease in the demand for another if both are

  Options:
  A) in complementary demand
  B) of the same quality
  C) in composite demand
  D) in competitive demand
  Show Answer
  The correct answer is D .
• Question 1365: The European Union was formed to Options:
  A) promote free trade within member nations
  B) promote economic integration in non-member countries
  C) assist countries to achieve their economic goals
  D) finance development projects in member nations
  Show Answer
  The correct answer is A .
• Question 1366:

  

  The graph above represents

  Options:
  A) a decrease in quantity supplied
  B) an increase in supply
  C) a decrease in supply
  D) an increase in quantity supplied
  Show Answer
  The correct answer is D .
• Question 1367: Invisible trade refers to trade in? Options:
  A) services
  B) goods and services
  C) tangible goods
  D) short-term and long-term capital
  E) goods that cannot be seen
  Show Answer
  The correct answer is E .
• Question 1368: Demand for a factor of production is? Options:
  A) a composite demand
  B) a joint demand
  C) a derived demand
  D) an elastic demand
  E) cross-elasticity of demand
  Show Answer
  The correct answer is C .
• Question 1369: Given that Qd = 10 - 2p whileQs = 5 + 3P, if P = N1, determine the equilibrium quantity. Options:
  A) 7
  B) 6
  C) 5
  D) 8
  Show Answer
  The correct answer is D .
• Question 1370: Indirect taxes are taxes? Options:
  A) which are levied on the incomes and profits of individuals and firms
  B) whose incidence always falls on the consumer
  C) which are based on the progressive principle
  D) on casinos, airports and capitals gains
  E) which are levied on people and economic units through the goods and services they purchase
  Show Answer
  The correct answer is E .