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 2351: A public liability company is different from a private limited company because i? Options:
  A) is registered with the registrar of companies
  B) is a legal entity
  C) can raise capital of size by way of loans
  D) can sell shares in the stock exchange
  Show Answer
  The correct answer is D .
• Question 2352:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 2353:

  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 2354: What is the effect of inelastic demand for agricultural products on the income of a farmer? Options:
  A) A price rise results in its fall
  B) A price fall results in its fall
  C) A price fall results in its rise
  D) A price rise leaves the income unchanged
  Show Answer
  The correct answer is A .
• Question 2355: Which of the following items does NOT belong to a country's current account in the balance of payments accounts? Options:
  A) Merchandise exports
  B) Merchandise import
  C) Travel
  D) Foreign currencies
  E) Insurance services
  Show Answer
  The correct answer is D .
• Question 2356:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 2357: One of the factors limiting the effectiveness of division of labour in the production process is the Options:
  A) Prevailing wage rate
  B) Level of technology
  C) Unemployment rate
  D) Population size
  Show Answer
  The correct answer is B .
• Question 2358: In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of? Options:
  A) lack of an effective agricultural policy
  B) employment opportunities in the oil sector
  C) rural-urban drift
  D) low prices of agricultural products
  Show Answer
  The correct answer is C .
• Question 2359: The meaning of ‘wage-price spiral’ is? Options:
  A) demand pull and cost push inflation pulling each other in different director
  B) demand pull and cost push inflation intensifying each other
  C) both of them bringing about a reduction in the price level
  D) that demand pull and cost push inflation increases employment
  E) that wages and prices are rising at a proportional rate
  Show Answer
  The correct answer is B .
• Question 2360: The most important advantage of co-operative societies is? Options:
  A) their high degree of democracy
  B) the increase inthe cost of marketing
  C) that member are encouraged to save money
  D) the possibility of raising loans for the members
  Show Answer
  The correct answer is D .