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 1721:

  The determination of price by bargaining between buyers and sellers is________

  Options:
  A) Sales by Auction
  B) Tender
  C) Higgling and Haggling
  D) Price Control
  Show Answer
  The correct answer is C .
• Question 1722:

  If the pass mark was 40, how many students passed the examination?

  Options:
  A) 100
  B) 120
  C) 160
  D) 200
  Show Answer
  The correct answer is C .
• Question 1723: Which of the following financial assets consist the lowest rate of interest in Nigeria? Options:
  A) commercial bills
  B) call money
  C) treasury bills
  D) development loan stocks
  E) deposits with the federal savings bank
  Show Answer
  The correct answer is D .
• Question 1724:

  One of these is not an assumption of the cardinalist theory of utility?

  Options:
  A) The consumer is rational
  B) Diminishing marginal utility
  C) The concept of money utility
  D) Consistency and transivity of choice
  Show Answer
  The correct answer is D .
• Question 1725: A glut in the world market for crude oil means? Options:
  A) a fall in crude oil production
  B) an excess supply of crude petroleum
  C) a higher crude oil price offered by the buyer
  D) a higher crude oil price demanded by the seller
  Show Answer
  The correct answer is B .
• Question 1726: A company's expenditure on raw materials is termed as_______? Options:
  A) Prime cost
  B) Explicit cost
  C) Average cost
  D) Implicit cost
  Show Answer
  The correct answer is B .
• Question 1727: The quantity supplied of a commodity increases best when Options:
  A) Production increases
  B) Demand increases
  C) Price of the commodity increases
  D) Population of the country increases
  E) More commodities are imported
  Show Answer
  The correct answer is C .
• Question 1728: The group of unemployed members of a community who are physically handicapped or disabled, is generally classified under unemployment as? Options:
  A) frictional
  B) cyclical
  C) residual
  D) hidden
  Show Answer
  The correct answer is C .
• Question 1729: One disadvantage of sole proprietorship is its? Options:
  A) limited libility
  B) high profits
  C) high sense of ownership
  D) low credit rating
  E) low failure rate
  Show Answer
  The correct answer is D .
• Question 1730: The size of a business units tends to be small if the activity? Options:
  A) involves mass production of goods
  B) requires a large capital
  C) requires division of labour
  D) involves the provision of direct services
  Show Answer
  The correct answer is D .