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 1811: One form of business organization which is not motivated solely by the profit objective is the? Options:
  A) joint stock company
  B) private limited company
  C) co-operative society
  D) ordinary partnership
  Show Answer
  The correct answer is C .
• Question 1812:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 1813: The major problem confronting a sole proprietor is Options:
  A) high level of risk
  B) limited expertise
  C) limited source of capital
  D) high taxation
  Show Answer
  The correct answer is C .
• Question 1814:

  Averages cost (AC) equal to

  Options:
  A) AC_TC
  B) TC_AC
  C) TC_AVC
  D) TC_MC
  E) TC_Q
  Show Answer
  The correct answer is D .
• Question 1815: Choice in economic life is necessitated by? Options:
  A) the need to construct scale of preference
  B) the opportunity cost of consumption
  C) unlimited wants
  D) scarcity of economic resources
  Show Answer
  The correct answer is D .
• Question 1816: When we draw a market demand curve, we? Options:
  A) ignore tastes, incomes and other prices
  B) assumes that tastes, income and prices do not matter
  C) assumes that taste, income and all other prices change in same direction as prices
  D) assume that tastes, incomes and all other prices remain constant
  E) both A and B above
  Show Answer
  The correct answer is D .
• Question 1817: According to the theory of comparative advantages, countries are to specialize based on their Options:
  A) absolute cost advantages
  B) absolute cost disadvantages
  C) comparative cost advantages
  D) comparative cost disadvantages
  E) the availability of labour
  Show Answer
  The correct answer is B .
• Question 1818: Public expenditure on services, such as education and health, is known as expenditure on Options:
  A) general services
  B) community services
  C) social services
  D) economic services
  E) administrative services
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  The correct answer is C .
• Question 1819:

  A good is said to be inferior if its demand

  Options:
  A) rises as its price rises
  B) falls as its price rises
  C) rises as its price falls
  D) is perfectly inelastic
  Show Answer
  The correct answer is B .
• Question 1820: A disadvantage of Nigeria's dependence on imported petroleum products is the Options:
  A) instability in the demand for the products
  B) dominance of multinational firms
  C) instability in the supply of the product
  D) poor maintenance of the refineries
  Show Answer
  The correct answer is C .