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 2251:

  Which of the following are the advantages of Nigeria's membership of ECOWAS? i A greater opportunity for trade according to comparative cost advantage.

  Ii A large market industries producing under condition of decreasing cost.

  Iii Competition for home based monopoly firms

  Options:
  A) i and ii only
  B) i and iii only
  C) ii and iii only
  D) i,ii and iii
  Show Answer
  The correct answer is A .
• Question 2252: Limited liability means? Options:
  A) the debts of a company can only be paid from its own assets
  B) the debts of a company are paid from business as well as private funds of the owners
  C) government cannot tax the company
  D) the debts of a company must be paid from private funds only
  E) the company does not have to pay its debts
  Show Answer
  The correct answer is A .
• Question 2253:

  Holding money to take care of contingencies is

  Options:
  A) a speculative motive
  B) a transactions motive
  C) a precautionary motive
  D) an expansionary motive
  Show Answer
  The correct answer is C .
• Question 2254: In the theory of the consumer behavior, a consumer is said to maximize utility when Options:
  A) Marginal utility of a commodity is equal to the price paid for it
  B) Marginal utility of a commodity X is equal to the price of commodity Y
  C) Average utility of a commodity is equal to the price paid for it
  D) Total utility of a commodity is equal to the price paid for it
  Show Answer
  The correct answer is D .
• Question 2255: The objective of public finance is to promote? Options:
  A) full employment, national income and price stability
  B) government revenue drive and expenditure to as high a level as possible
  C) the expansion of government social services
  D) government revenue drive and minimize government expenditure
  Show Answer
  The correct answer is A .
• Question 2256: Isocost and isoquant can be attributed to Options:
  A) Theory of consumer behaviour
  B) Theory of cost
  C) Theory of production
  D) Theory of value
  Show Answer
  The correct answer is C .
• Question 2257:

  The decision to consume more of one product under normal circumstances will apply

  Options:
  A) less of another product will be consumed
  B) more of another product will be consumed
  C) less of the product will be consumed
  D) no other products will be consumed
  Show Answer
  The correct answer is A .
• Question 2258:

  Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________

  Options:
  A) marginal product
  B) marginal cost curve
  C) demand curve
  D) average cost curve
  Show Answer
  The correct answer is C .
• Question 2259: Collectivism refers to the system of management of state enterprises in a? Options:
  A) mixed economy
  B) co-operative organization
  C) capitalist economic system
  D) socialist economy
  Show Answer
  The correct answer is D .
• Question 2260: One of the roles of NNPC in the production and refining of crude oil is to? Options:
  A) secure maximum government revenue and regulate price
  B) prevent the smuggling of petroleum products
  C) satisfy the domestic consumption of petroleum products
  D) protect the local operators in the petroleum industry
  Show Answer
  The correct answer is C .