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 1481: Production is said to be completed when? Options:
  A) goods and services reach the consumers
  B) prices of goods and services are determined
  C) goods are sold to the wholesaler
  D) goods are packaged
  Show Answer
  The correct answer is A .
• Question 1482: Which of the following is likely to reduce a surplus in the balance of payments of a country? Options:
  A) Devaluation
  B) Increased tariff on imports
  C) Export promotion
  D) Currency appreciation
  Show Answer
  The correct answer is D .
• Question 1483: All the following are properties of an indifference curves except Options:
  A) it can intersect
  B) it slopes downward from left to right like that of a normal demand curve
  C) as it shift rightward it indicate higher and higher level of satisfaction
  D) it does not intersect
  Show Answer
  The correct answer is A .
• Question 1484:

  Among the disadvantages of the one-man business is the fact that______

  Options:
  A) its capital may not be increased without government permission
  B) the proprietor is personally liable for the firm's debts
  C) the proprietor is not able to obtain credit
  D) the proprietor may not sue for bad debts
  Show Answer
  The correct answer is B .
• Question 1485: A glut in the world market for crude oil means? Options:
  A) a fall in crude oil production
  B) an excess supply of crude petroleum
  C) a higher crude oil price offered by the buyer
  D) a higher crude oil price demanded by the seller
  Show Answer
  The correct answer is B .
• Question 1486: The main handicap of sole proprietorship is? Options:
  A) limited liability
  B) lack of technical know-how
  C) low profit margin
  D) inadequate capital
  Show Answer
  The correct answer is D .
• Question 1487:

  

  Calculate the marginal physical product of the last unit of input

  Options:
  A) 0
  B) 2
  C) 4
  D) 10
  Show Answer
  The correct answer is B .
• Question 1488:

  $\begin{array}{cc}\text{Age group(years)}& \text{Distribution(\%)}\\ \text{Above 60}& 30\\ 15-60& 45\\ 0-14& 25\end{array}$

  The estimated dependency ratio of the population distribution shown here is

  Options:
  A) 11:9
  B) 9:11
  C) 7:3
  D) 3:7
  Show Answer
  The correct answer is A .
• Question 1489:

  If the government imposes a minimum price on a commodity

  Options:
  A) market surplus occurs
  B) the market will be cleared in the short-run
  C) excess demand occurs
  D) government regulation is no longer needed
  Show Answer
  The correct answer is A .
• Question 1490: The equilibrium price clears the market; it is the price at which___________ Options:
  A) Everything is sold
  B) Buyers spend all their money
  C) Excess demand is zero
  D) None of the above
  Show Answer
  The correct answer is C .