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 181: A form of business organization which is characterized by limited authority and liability of individual owners is the? Options:
  A) sole proprietorship
  B) partnership
  C) joint stock company
  D) co-operative society
  Show Answer
  The correct answer is C .
• Question 182:

  When of the following matters may account for changes in supply?

   

  I - technological advances in an industry

  II - changes in labour costs

  III - changes in source of supply

  IV - changes in levels of taxation

  Options:
  A) I, II
  B) I, III
  C) II, III, IV
  D) I, II, III, IV
  Show Answer
  The correct answer is D .
• Question 183:

  A contractionary monetary policy is used to control__________

  Options:
  A) Deflation
  B) Inflation
  C) Recession
  D) Balance of Payment deficit
  Show Answer
  The correct answer is B .
• Question 184: If budget deficits are financed by borrowing the crowing-out effect can be offset by an increase in Options:
  A) government expenditure
  B) savings
  C) interest rates
  D) exchange rates
  Show Answer
  The correct answer is D .
• Question 185: In a limited liability company, the greatest risk is borne by? Options:
  A) debenture holders
  B) company executives
  C) ordinary shareholders
  D) preference shareholders
  E) borad of directors
  Show Answer
  The correct answer is C .
• Question 186: One of the functions of commercial banks is Options:
  A) maintaining stable price in the economy
  B) regulating monetary policies
  C) granting loans to customers
  D) issuing bank notes and coins
  Show Answer
  The correct answer is C .
• Question 187: Average product is less than marginal product when Options:
  A) there is constant returns to scale
  B) there is increasing returns to scale
  C) there is decreasing returns to scale
  D) diminishing returns set in
  Show Answer
  The correct answer is C .
• Question 188: The need to construct a scale of preference is necessitated by? Options:
  A) the need to satisfy wants
  B) scarcity and the need for choice
  C) scarcity of resources
  D) non-availability of factors of production
  Show Answer
  The correct answer is B .
• Question 189: The major factor that causes fluctuations in the supply of agricultural produce is? Options:
  A) high price
  B) pests
  C) weather variations
  D) rural-urban migration
  Show Answer
  The correct answer is C .
• Question 190: IBRD as an international monetary institution is concerned with the Options:
  A) improvement of trade among member nations
  B) development of infrastructure in member nations
  C) balance of payments problems of member nations
  D) financing of private businesses in member nations
  Show Answer
  The correct answer is B .