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 2181: Which of the following is NOT a type of business ownership? Options:
  A) Debenture holding
  B) private company
  C) Parnership
  D) Joint Stock venture
  Show Answer
  The correct answer is A .
• Question 2182:

  

  In the diagram above, ST is the budget line while l,ll and lll represent indifference curves. A rational consumer will choose to consume at point

  Options:
  A) M
  B) J
  C) K
  D) L
  Show Answer
  The correct answer is D .
• Question 2183:

  

  A textile firm operates a plant in the North (where capital expensive relative to labour)as well as a plant in the South (where labour is expensive relative to capital ). In this diagram above the Southern plant will minimize cost by combining labour and capital in the amounts indicated by

  Options:
  A) P
  B) Q
  C) X
  D) Y
  Show Answer
  The correct answer is C .
• Question 2184:

  Supply is________

  Options:
  A) A stock
  B) A Flow
  C) Constant
  D) A table
  Show Answer
  The correct answer is B .
• Question 2185: When a union is composed of workers with the same skill,it is termed Options:
  A) a technical union
  B) a craft union
  C) an industrial union
  D) a workers' union
  Show Answer
  The correct answer is B .
• Question 2186:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 2187:

  Identify one of the following which can NOT be used to close deflationary gap

  Options:
  A) Increased interest rate
  B) Increased money supply
  C) Increase government expenditure
  D) Reduction in taxes
  Show Answer
  The correct answer is A .
• Question 2188: One of the advantages of a partnership over a sole proprietorship is that? Options:
  A) it is the most popular form of business organization
  B) the patern can easy withdraw from business
  C) it makes an increase in the capital of the business possible
  D) there is no limit to the number of people who may bring in capital
  Show Answer
  The correct answer is C .
• Question 2189:

  An Instrument used by the central bank to fix commercial and merchant banks total credit to domestic economy is________

  Options:
  A) monetary policy
  B) fiscal policy
  C) credit ceiling
  D) open market operation
  Show Answer
  The correct answer is C .
• Question 2190: 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 .