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 1571: One of the major factors militating against industrialization in Nigeria is the? Options:
  A) inadequacy of infrastructural facilities
  B) absence of government participation
  C) frequent breakdown of equipment
  D) failure to get foreign partners and supporters
  Show Answer
  The correct answer is A .
• Question 1572: The distinguishing characteristic between the money market and the capital market lies in whether the Options:
  A) securities are primary or secondary
  B) debt instruments provided are long-term or short-term
  C) funds mobilized are private or public
  D) securities are in debentures or ordinary shares
  Show Answer
  The correct answer is B .
• Question 1573: An accurate population census is important in other to Options:
  A) produce more food for the growing population
  B) provide employment opportunities for the people
  C) estimate a country's per capita income
  D) fast track industrial development
  Show Answer
  The correct answer is D .
• Question 1574: A firm is said to be a public Joint Stock Company when it? Options:
  A) is owned by the government
  B) is operated as a public corporation
  C) is operated in a non-democratic fashion
  D) sells shares to members of the public and publishes its account
  E) is a limited liability company
  Show Answer
  The correct answer is D .
• Question 1575: Which of the following can be deduced from the law of variable proportions when total output is rising? Options:
  A) MP is greater than AP
  B) MP is less than AP
  C) MP is equal to AP
  D) MP is equal to zero
  Show Answer
  The correct answer is A .
• Question 1576: The output at which total revenue equals total cost is known as? Options:
  A) profit-maximizing output
  B) break even level output
  C) loss-minizing output
  D) least-cost output
  Show Answer
  The correct answer is B .
• Question 1577: Which is the most liquid of the following financial assets held by an individual? Options:
  A) Outstanding balance on the current account of a commercial bank
  B) A credit balance on a savings account
  C) A crossed postal order
  D) An insurance policy
  E) All of the above
  Show Answer
  The correct answer is B .
• Question 1578: Improved labour efficiency can be measured by? Options:
  A) an increase in output-input ratio
  B) an decrease in output-input ratio
  C) the constancy of input-output ratio
  D) an increase in input-output ratio
  Show Answer
  The correct answer is A .
• Question 1579: The shares that must be redeemed first at liquidation of a company are? Options:
  A) preference shares
  B) non-voting ordinary shares
  C) ordinary shares
  D) debentures
  Show Answer
  The correct answer is A .
• Question 1580: A budget deficit means Options:
  A) That a country is buying more than is selling
  B) That a country is selling more than is buying
  C) That a government is spending more than in takes in taxation
  D) That a government is spending less than it takes in taxation
  E) That a government is spending as much as it takes in taxation
  Show Answer
  The correct answer is C .