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 1511: The major determinant of the total volume of output in an economy is the Options:
  A) level of total expenditure
  B) composition of consumer spending
  C) number of farmers
  D) size of the labour force
  Show Answer
  The correct answer is A .
• Question 1512: A typical corporate form of business organization is owned by Options:
  A) President of a country
  B) Shareholders
  C) The general manager and the executives
  D) A local government
  E) Foreigners and citizens of the country
  Show Answer
  The correct answer is B .
• Question 1513: A Nigerian household's demand curve for semovita is downward because? Options:
  A) the demand for semovita is high
  B) the loal markets are flooded with semovita
  C) it is produced in Nigeria
  D) every household can afford to buy semovita
  E) higher prices attract lower quantities while lower prices attract larger quantities
  Show Answer
  The correct answer is D .
• Question 1514: One of the characteristics of an imperfect market is? Options:
  A) a large number of buyers and sellers
  B) a lack of homogeneity of products
  C) an adequate awareness of market conditions by buyers and sellers
  D) the availability of substitutes
  Show Answer
  The correct answer is B .
• Question 1515:

  The decision to consume more of one product under normal circumstances will apply

  Options:
  A) less of another product will be consumed
  B) more of another product will be consumed
  C) less of the product will be consumed
  D) no other products will be consumed
  Show Answer
  The correct answer is A .
• Question 1516: In perfect competition,price is determined by the Options:
  A) government
  B) sellers
  C) buyers
  D) market
  Show Answer
  The correct answer is D .
• Question 1517: Division of labour requires that, the tasks in a production line be performed Options:
  A) by specialists
  B) in stages
  C) by all workers
  D) by unskilled labourers
  Show Answer
  The correct answer is B .
• Question 1518: Favorable terms of trade is important to a country because it facilities? Options:
  A) economic prosperity for importers and exporters
  B) export of hard currency by the government
  C) economic prosperity for country
  D) import of hard currency by the government
  Show Answer
  The correct answer is C .
• Question 1519: When a business has unlimited liability Options:
  A) all its profits can be taxed away by the government
  B) all its assets are owned by the members of its board of directors
  C) the business ceases to exist at the death of one of its owners
  D) the owners are responsible for all its financial debts
  E) the owners are not responsible for all its financial debts
  Show Answer
  The correct answer is D .
• Question 1520: Under perfect competition, the long-run equilibrium requires? Options:
  A) MR = MC
  B) MR = AC = AR
  C) MR > MC
  D) MR = MC = AR = AC
  E) AR = AC
  Show Answer
  The correct answer is D .