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 151:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 152: Infant industries denote industries which? Options:
  A) are introducing new products
  B) are too young to compete in the world market
  C) produce baby food and mother care products
  D) are allowed time enough to mature for recognition
  Show Answer
  The correct answer is B .
• Question 153:

  A typical corporate form of business organization is owned by ______

  Options:
  A) Shareholders
  B) A local government
  C) The president of a country
  D) Foreigners and citizens of the country.
  Show Answer
  The correct answer is A .
• Question 154: The aim of indigenization policy was to Options:
  A) build more industries in the economy
  B) increase the drain in foreign exchange
  C) increase foreign domination of the economy
  D) increase the participation of Nigeria’s commerce and industry
  E) send all the foreigners away from Nigeria
  Show Answer
  The correct answer is B .
• Question 155:

  In a pie chart, the population of a city is represented by 45. If the country has a population of 10 million people, then the city's population is?

  Options:
  A) 0.0045 million
  B) 4.5 million
  C) 1.25 million
  D) 16 million
  Show Answer
  The correct answer is C .
• Question 156: In the long run, a firm in a perfectly competitive market will make? Options:
  A) normal profit
  B) adnormal profit
  C) marginal profit
  D) no profit
  Show Answer
  The correct answer is A .
• Question 157:

  

  The difference in each country's total output on specification is

  Options:
  A) 16000 units
  B) 9000 units
  C) 8000 units
  D) 7000 units
  Show Answer
  The correct answer is D .
• Question 158:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 159: The government can influence the price of agriculture products by? Options:
  A) fixing minimum prices when agricultural output is low
  B) fixing maximum prices in years of bumper harvest
  C) the use of buffer stock and stabilization funds
  D) paying all farmers producing identical crops a uniform amount of money
  Show Answer
  The correct answer is C .
• Question 160: Which of the following business units can issue shares? Options:
  A) Partnership
  B) Public limited liability company
  C) Sole proprietorship
  D) Central bank
  Show Answer
  The correct answer is B .