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 1371: In a solo proprietorship, decisions are made by the Options:
  A) board of directors
  B) government
  C) management
  D) owner
  E) shareholders
  Show Answer
  The correct answer is D .
• Question 1372: An important feature of perfect competition is that? Options:
  A) the movement of goods and services is restricted
  B) there is adequate knowledge of existing prices
  C) prices are centrally administered
  D) individual economic units can influence prices
  Show Answer
  The correct answer is B .
• Question 1373: A shift in the production possibility frontier could result from? Options:
  A) unemployment
  B) changes in the combination of goods produced
  C) inflation
  D) changes in production techniques
  Show Answer
  The correct answer is D .
• Question 1374:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 1375:

  Production possibilities(alternatives)

  P Q R S T

  Units of shelter 5 4 3 2 0

  Units of food 0 5 9 12 15 Basedon the above production possibilities table, the real cost of a unit of food when alternative R is selected is?

  Options:
  A) one unit of shelter
  B) three units of shelter
  C) one third of a unit of shelter
  D) six units of shelter
  E) two units of shelter
  Show Answer
  The correct answer is C .
• Question 1376: Economics may be defined as? Options:
  A) the study of money and banking
  B) the study of markets and prices
  C) the study of production and distribution
  D) the study of human behaviour in the allocation of scarce resources
  E) the study of the employment of labour, land, and capital
  Show Answer
  The correct answer is D .
• Question 1377: Demand patterns are determined by the market on the basis of Options:
  A) scale of preference
  B) cousumer sovereignty
  C) cosumer rationality
  D) price of the commodity
  Show Answer
  The correct answer is B .
• Question 1378: In a village of 50 persons, 10 immigrated, 25 died and 5 emigrated in year. Determine the total population Options:
  A) 10
  B) 20
  C) 30
  D) 50
  Show Answer
  The correct answer is C .
• Question 1379: The basic principles of co-operative societies are those of? Options:
  A) active participation of capitalist in the affairs of co-operative societies
  B) worker ownership and worker control
  C) sole proprietorship
  D) partnership
  E) denying of credit facilities to members
  Show Answer
  The correct answer is B .
• Question 1380: A major shortcoming of the sole proprietorship form of business is lack of? Options:
  A) working capital
  B) patronage
  C) continuity
  D) market
  Show Answer
  The correct answer is C .