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 2031: A budget with a projected revenue in excess of its expenditure is said to be? Options:
  A) balanced
  B) surplus
  C) deficit
  D) inflationary
  Show Answer
  The correct answer is B .
• Question 2032: If additional unit of a variable factor input causes a fall in the marginal product, this implies that Options:
  A) Total product starts declining
  B) Average product has become zero
  C) Diminishing returns has set in
  D) Increasing returns is operating
  Show Answer
  The correct answer is C .
• Question 2033: Which of the following is true about average cost? Options:
  A) Fixed cost/quantity
  B) Marginal + Fixed cost
  C) Quantity × Fixed cost
  D) Total cost/quantity
  E) Total cost - fixed cost Quantity
  Show Answer
  The correct answer is D .
• Question 2034: 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 2035:

  Let the quantity demanded in units of a particular commodity be represented as Qd = 80 - 2P, find the quantity demanded when P = ₦3.

  Options:
  A) 70
  B) 47
  C) 74
  D) 40
  Show Answer
  The correct answer is C .
• Question 2036: A perfect example of a public good is? Options:
  A) air
  B) education
  C) defence
  D) transport
  Show Answer
  The correct answer is C .
• Question 2037: If Nigeria's composite price index in 1999 was 140.03% in 2000, the rate of inflation in 2000 was Options:
  A) 4.02%
  B) 2.10%
  C) 2.06%
  D) 1.03%
  Show Answer
  The correct answer is D .
• Question 2038:

  An economic problem arises when________

  Options:
  A) Sellers are few
  B) Scarcity and choices are involved
  C) Buyers are many
  D) Money is in short supply
  Show Answer
  The correct answer is B .
• Question 2039:

  The type of business finance that entitles the holder to a fixed rate of dividend is______________--

  Options:
  A) bank load
  B) debenture
  C) preferred stock
  D) semi-fixed
  Show Answer
  The correct answer is C .
• Question 2040: The major problem of cooperative societies in Nigeria is that? Options:
  A) they often lack cohersion and continuity
  B) their liability is unlimited to members
  C) voting is by proxy
  D) their management style is poor
  Show Answer
  The correct answer is D .