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 1741: 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 1742: If the growth rate of available resources continuously outpaces that of the population, a country will eventually experience? Options:
  A) maximum population
  B) underpopulation
  C) overpopulation
  D) optimum population
  Show Answer
  The correct answer is B .
• Question 1743: in equilibrium, injections are equal to? Options:
  A) withdrawals
  B) surplus of imports over exports
  C) government spending
  D) wages
  Show Answer
  The correct answer is A .
• Question 1744:

  A  capital market differs from the money market in that in the former ________?

  Options:
  A) The percentage of interest charged is more
  B) Loan sought is long term
  C) Loan repayment is guaranteed
  D) Loan sought is short-term
  Show Answer
  The correct answer is B .
• Question 1745: A limited liability company is usually owned by? Options:
  A) an individual
  B) a government
  C) shareholders
  D) two or more partners
  Show Answer
  The correct answer is C .
• Question 1746:

  

  From the shaded area of the diagram above, an appropriate population policy will be to

  Options:
  A) encourage early marriages
  B) discourage immigration
  C) discourage polygamy
  D) encourage the use of contraceptives
  Show Answer
  The correct answer is A .
• Question 1747: The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing Options:
  A) increasing efficiency
  B) economies of scale
  C) diseconomies of scale
  D) increasing marginal returns
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  The correct answer is C .
• Question 1748: In an economy, if the proportion of people who are below 18 years is 40% and those above 60 years is 30% what would this imply? the Options:
  A) dependency ratio is high
  B) population is optimum
  C) ratio of females to males is high
  D) population is growing at less than equilibrium
  E) population is growing according to Malthus theory
  Show Answer
  The correct answer is A .
• Question 1749: In a perfectly competitive market, the firm is in long-run equilibrium at the output where? Options:
  A) marginal cost is minimum
  B) average cost is minimum
  C) total cost is minimum
  D) marginal cost revenue is maximum
  Show Answer
  The correct answer is B .
• Question 1750:

  

  Which of the following statements must hold if price discrimination is to be possible?

  Options:
  A) Elasticities in the various markets must not differ
  B) The seller must recognise the possibility of resale
  C) The market must not be separated but integrated
  D) The markets should be seperable and there should be no resale.
  Show Answer
  The correct answer is C .