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 2231: Divorce of ownership from control is a characteristic of? Options:
  A) sole properitorship
  B) a limited liability company
  C) partnership
  D) a private limited company
  Show Answer
  The correct answer is B .
• Question 2232: A black market can occur when Options:
  A) supply is in excess of demand
  B) consumption of the commodity is restricted
  C) prices are set by government above the equilibrum
  D) prices are set by government below the equilibrium
  Show Answer
  The correct answer is B .
• Question 2233:

  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 2234: 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 2235:

  $\begin{array}{ccc}& \text{Year 1}& \text{Year 2}\\ \text{GNP at current prices(NM)}& 20,000& 27,000\\ \text{Population(Million)}& 20& 24\end{array}$

  What is the percentage increasein GNP between year 1 and year 2?

  Options:
  A) 3.5.0%
  B) 14.0%
  C) 20.0%
  D) 35.0%
  Show Answer
  The correct answer is D .
• Question 2236: The law of diminishing marginal utility states: Options:
  A) The supply curve slopes downward
  B) Your utility grows at a slower and slower rate as you consume more and more unit of a good.
  C) The elasticity of demand is infinite
  D) None of the above
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  The correct answer is B .
• Question 2237: When Elasticity of Demand is greater than one, the demand is Options:
  A) perfectly elastic
  B) unitary elastic
  C) zero elastic
  D) inelastic
  E) elastic
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  The correct answer is E .
• Question 2238: Which of the following factors will NOT account for an outward shift of production possibility curve? Options:
  A) budgeting and planning based on expectations
  B) expansion in employment
  C) discovering and exploration of new resources
  D) introduction of improved production techniques
  E) skill improvement through education and training
  Show Answer
  The correct answer is A .
• Question 2239: In international trade, when payments of a country are higher than the receipts, then the balance of payment is Options:
  A) favourable
  B) in equilibrium
  C) perfect
  D) unfavourable
  E) uniform
  Show Answer
  The correct answer is D .
• Question 2240:

  The money paid per hour for work done is_________

  Options:
  A) cost
  B) salary
  C) bonus
  D) wage rate
  Show Answer
  The correct answer is D .