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 1781: The short-run inelasticity of supply of agricultural produce causes Options:
  A) stability in prices
  B) a steady rise in prices
  C) a steady decline in prices
  D) instability in prices
  Show Answer
  The correct answer is B .
• Question 1782: The supply curve of a perfectly competitive firm is identical to its Options:
  A) total cost
  B) marginal cost
  C) fixed cost
  D) variable inputs
  Show Answer
  The correct answer is B .
• Question 1783: In a public company, shares are? Options:
  A) sold to one person only
  B) distributed freely
  C) advertised to members of the public for subscription
  D) disposed by the Chief Executive
  Show Answer
  The correct answer is C .
• Question 1784: In a village of 50 persons, 10 immigrated, 25 died and 5 emigrated in year. Determine the total population Options:
  A) 10
  B) 20
  C) 30
  D) 50
  Show Answer
  The correct answer is C .
• Question 1785: Less developed countries obtain foreign exchange reserve mainly from the export of Options:
  A) Manufactured goods
  B) Processed and semi processed commodities
  C) Invisible items
  D) Primary product
  E) All of the above
  Show Answer
  The correct answer is D .
• Question 1786: Which is an example of an invisible item in the trade Account of Ghana? Options:
  A) Export of Cocoa from Ghana
  B) Import of oil from Nigeria
  C) A gift of a Peugout 504 by a firm in Nigeria to a firm in Ghana
  D) Payment for shipping and insurance by a Ghanaian company to companies outside Ghana
  E) None of the above
  Show Answer
  The correct answer is D .
• Question 1787: Which of the following sets fully represents factors of production? Options:
  A) Sunlight, machinery, man , land,
  B) Land, labour, capital, enterprise, technology
  C) Capital, technology, idaes, markets, land
  D) Land, water, weather
  E) Money, market , middlemen
  Show Answer
  The correct answer is B .
• Question 1788: In a public company, enterpreneurial functions are performed by the? Options:
  A) workers
  B) shareholders
  C) general manager
  D) board of directors
  Show Answer
  The correct answer is D .
• Question 1789: The sector that employs the largest proportion of the active labour force in Nigeria is the? Options:
  A) oil sector
  B) federal civil services
  C) financial sector
  D) agricultural sector
  Show Answer
  The correct answer is D .
• Question 1790: A major effect of a long distribution chain is? Options:
  A) high retail prices
  B) scarcity of commodities
  C) low retail prices
  D) low producer earnings
  Show Answer
  The correct answer is B .