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 1601: The major reason for the survival of small shops despite competition from large business enterprises is because of? Options:
  A) the small capital outlay involved
  B) regularity and constant supply of commodities by them
  C) their local srvices and longer hours of operation
  D) their level of managerial competence
  Show Answer
  The correct answer is C .
• Question 1602: An indicator of growth in an economy over a period of time is the Options:
  A) GDP gap
  B) GDP at factor cost
  C) GDP at market price
  D) GDP deflator
  Show Answer
  The correct answer is C .
• Question 1603: Development outside a given firm which reduce the firm costs are called? Options:
  A) internal economies
  B) external economies
  C) external diseconomies
  D) optimum effects
  Show Answer
  The correct answer is B .
• Question 1604: The downturn in the prices of shares on stock markets is a highlight of Options:
  A) efficient allocation of resources
  B) the invisible hand
  C) the regulatory nature of the market
  D) consumer rationality
  Show Answer
  The correct answer is C .
• Question 1605: The hoarding of goods is usually experienced when Options:
  A) supply is greater than demand
  B) the market price above the equilibrium price
  C) demand is greater than supply
  D) excess demand is greater than excess supply
  Show Answer
  The correct answer is C .
• Question 1606: A sustained increase in the per capita income of a country over a period of time is called? Options:
  A) economic growth
  B) economic development
  C) structural change
  D) stagflation
  Show Answer
  The correct answer is A .
• Question 1607: If the increase in the price of yams is used to estimate the inflation rate, this is an example of Options:
  A) deductive reasoning
  B) inductive reasoning
  C) normative reasoning
  D) positive reasoning
  Show Answer
  The correct answer is B .
• Question 1608: 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 .
• Question 1609: Which of the following falls continuously as output expands? Options:
  A) Average fixed cost
  B) Marginal cost
  C) Average variable cost
  D) Average cost
  Show Answer
  The correct answer is D .
• Question 1610:

  Among all the determinants of economic growth, the most important one is

  Options:
  A) Human capital
  B) Increased GDP
  C) Land and Natural resources
  D) Technologies
  Show Answer
  The correct answer is B .