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 1581: The excess of aggregate expenditure over full employment level of output is referred to as Options:
  A) GNP gap
  B) deflationary gap
  C) inflation gap
  D) recessionary gap
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  The correct answer is C .
• Question 1582: In a subsistence economy? Options:
  A) there is no shortage of goods and services
  B) the state is the sole owner of resources
  C) production is largely oriented towards consumption in the rular sector
  D) there is no exchange of goods and services
  E) women predominate in all economic activities
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  The correct answer is C .
• Question 1583: Retailers in an economy perform the function of Options:
  A) production
  B) exchange
  C) distribution
  D) horading
  E) investment
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  The correct answer is C .
• Question 1584: The record of a country's transactions in international trade is her Options:
  A) capital account
  B) balance of payments
  C) current account
  D) balance of trade
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  The correct answer is B .
• Question 1585: A possible factor which limits the extent of growth of a firm is the? Options:
  A) existence of a monoploy
  B) bureaucratic delays in decision-making
  C) use of by-products
  D) unwillingness to share ownership and control
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  The correct answer is D .
• Question 1586: The median of an odd-numbered set of scores is the Options:
  A) Middle value in the set
  B) Highest value in the set
  C) Arithmetic means of the set
  D) Most frequent occuring score
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  The correct answer is A .
• Question 1587: Which of the following advantages of localization of industries may also be a disadvantage? Options:
  A) External economies
  B) Concentration of industries and of people
  C) Development of organized markets
  D) Reduced costs of research
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  The correct answer is B .
• Question 1588: Firms embark on vertical integration in other to Options:
  A) take over markets formally controlled by other firms
  B) prevent other firms from entering the market
  C) reduce advertisement and management cost
  D) enjoy economies of large-scale production
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  The correct answer is D .
• Question 1589: 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
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  The correct answer is A .
• Question 1590: The ordinary partner in a partnership? Options:
  A) takes no active in the management of the business
  B) has limited liability in case of business failure
  C) has unlimited liability in case of business failure
  D) cannot be sued personally on matters relating to the business
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  The correct answer is C .