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 1421: A limited liability company is usually owned by? Options:
  A) an individual
  B) a government
  C) shareholders
  D) two or more partners
  Show Answer
  The correct answer is C .
• Question 1422: High dependency ratio is influenced by Options:
  A) high infant mortality rate
  B) the level of income
  C) high birth rate
  D) inadequate medical care for children
  Show Answer
  The correct answer is C .
• Question 1423:

  What happens when the central bank increases the bank rate in an economy

  Options:
  A) borrowing is discouraged
  B) customers increase their borrowing
  C) banks can increase their lending
  D) money supply increases
  Show Answer
  The correct answer is A .
• Question 1424: A major difference between a state-owned enterprise and a private enterprise is that the former? Options:
  A) is not expected to cover its costs of production while the latter is
  B) is not always expected to maximize profits while the latter is
  C) has shareholders while the latter does not
  D) has a board of directors while the latter does not
  Show Answer
  The correct answer is B .
• Question 1425: The term 'Stock of Capital 'means? Options:
  A) amount of money necessary to start a business
  B) total amount receivable by all factors of production
  C) amount of equipment plant and inventory existing at a time
  D) total amount available for economic development
  Show Answer
  The correct answer is C .
• Question 1426: The desire to hold cash balances in order to meet expenditures which arises due to unforeseen circumstances is Options:
  A) motive
  B) aim
  C) determination
  D) self discipline
  E) none of the above
  Show Answer
  The correct answer is A .
• Question 1427: Which of the following is TRUE at the quantity of output where Average Cost (AC) per unit has reached its minimum level? Options:
  A) AVC=FC
  B) MC=AVC
  C) MC=AC
  D) AC=AFC
  Show Answer
  The correct answer is C .
• Question 1428:

  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 1429: The first commercial oil well in Nigeria was discovered in Options:
  A) 1938
  B) 1951
  C) 1956
  D) 1958
  E) 1961
  Show Answer
  The correct answer is C .
• Question 1430:

  The two major types of international trade are Bilateral trade and?

  Options:
  A) Internal trade
  B) Multilateral trade
  C) Dilateral trade
  D) Trilateral trade
  Show Answer
  The correct answer is B .