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 1561: A disadvantage of the corporate formof business is the? Options:
  A) risk of the owners of loss of personal effects if the business should fail
  B) ability of the corporation to is financial resources
  C) limited life span of the corporation
  D) problems presented by separation ownership from control
  E) None of the above
  Show Answer
  The correct answer is D .
• Question 1562:

  An economic problem arises when________

  Options:
  A) Sellers are few
  B) Scarcity and choices are involved
  C) Buyers are many
  D) Money is in short supply
  Show Answer
  The correct answer is B .
• Question 1563: Monetization refers to the ratio of? Options:
  A) total transactions to monetary transactions
  B) monetary assets to total assets
  C) monetary transactions to total transactions
  D) money in circulation to total income
  Show Answer
  The correct answer is D .
• Question 1564: The frequent value that occurs most in a data is Options:
  A) median
  B) mean
  C) mode
  D) range
  Show Answer
  The correct answer is C .
• Question 1565: A disadvantage of concentrating industries in an area is that it could? Options:
  A) lead to conclusion among the firms
  B) result in evironmental pollution
  C) bring about diseconomies of scale
  D) increase the cost of production
  Show Answer
  The correct answer is B .
• Question 1566:

  

  In which of the diagrams above, is the consumer surplus correctly shaded?

  Options:
  A) I
  B) II
  C) III
  D) IV
  Show Answer
  The correct answer is D .
• Question 1567: Which of the following reasons could induce a manufacturer to bypass the wholesaler in the distribution chain? Options:
  A) To provide the quantity needed by retailers
  B) To collect useful information on his product
  C) To provide warehousing facilities
  D) To violate government regulation on distribution
  Show Answer
  The correct answer is B .
• Question 1568: When a generalization is made based on observed facts, it is known as? Options:
  A) deductive reasoning
  B) inductive reasoning
  C) theoretical reasoning
  D) normative reasoning
  Show Answer
  The correct answer is B .
• Question 1569: The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as Options:
  A) P = 12, Q = 16
  B) P = 15, Q = 10
  C) P = 12, Q = 14
  D) P = 16, Q = 12
  Show Answer
  The correct answer is D .
• Question 1570: The chief sources of Federal Government revenue in Nigeria are? Options:
  A) import duties, petroleum, import tax, profit tax, royalties and government dividends
  B) personal income tax, excise tax and vehicle licenses
  C) export duties, personal income tax and royalties
  D) property income, sales tax and excise tax
  E) import duties, sales tax and poll tax
  Show Answer
  The correct answer is A .