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 2431: The primary motive for an individual engaging in production is to Options:
  A) make profit
  B) satisfy basic human wants
  C) redistribute wealth
  D) put inputs into use
  Show Answer
  The correct answer is B .
• Question 2432: Which of the following is NOT illustrated by the production possibility curve Options:
  A) Risk
  B) Scarcity
  C) Opportunity cost
  D) Allocative efficiency
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  The correct answer is A .
• Question 2433:

  The second equation of exchange is__________

  Options:
  A) MV = PT
  B) P = $\frac{M}{KR}$
  C) P = $\frac{MV}{T}$
  D) P=MV
  Show Answer
  The correct answer is B .
• Question 2434: A business formation with a minimum of two and maximum of twenty persons is called Options:
  A) cooperative society
  B) joint stock company
  C) one man business
  D) partnership
  E) public corporation
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  The correct answer is D .
• Question 2435: During the era of barter, money was generally in the form of Options:
  A) notes
  B) precious metals
  C) coins
  D) commodities
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  The correct answer is D .
• Question 2436:

  The question below is based on the table below:

  The international production set for Nigeria and Austria is:

  $\begin{array}{ccc}\text{Products}& \text{Nigeria}& \text{Austria}\\ \text{Cocoa}& 20\text{ tonnes}& 12\text{ tonnes}\\ \text{Lace}& 10\text{ meters}& 8\text{ meters}\end{array}$

  The opportunity cost ratio for cocoa and lace for Austria and Nigeria is

  Options:
  A) 2,2
  B) 2,1.5
  C) 1.5,4
  D) 1.5,2
  E) 0.5,1.5
  Show Answer
  The correct answer is D .
• Question 2437:

  Producers operating in a free market economy are more efficient as a result of

  Options:
  A) the existence of competition
  B) the very few number of participants
  C) the commitment of the shareholders
  D) government regulation of their activities
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  The correct answer is A .
• Question 2438:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 2439: 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 2440: A firm's shut-down point is reach when the average revenue fails to cover the? Options:
  A) average variable cost
  B) marginal cost
  C) average total cost
  D) average fixed cost
  Show Answer
  The correct answer is B .