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:

  

  In the diagram L₁L₁ and L₂L₂ are budget lines. 1₁1₂ and 1 ₃ are indifference curves. which points are optimal?

  Options:
  A) U and W
  B) V and W
  C) U and Z
  D) Y and Z
  Show Answer
  The correct answer is B .
• Question 2432: The higher the price of capital relative to the price of labour, the more production techniques should be? Options:
  A) labour-intensive
  B) capital-intensive
  C) fixed
  D) technology-intensive
  Show Answer
  The correct answer is B .
• Question 2433:

  A characteristic common to partnership and sole proprietorship is

  Options:
  A) limited liability
  B) accessibility to loan
  C) transferability of shares
  D) unlimited liability
  Show Answer
  The correct answer is D .
• Question 2434: In order to increase revenue, the seller of a commodity whose demand is fairly elastic is advised to Options:
  A) increase price
  B) reduce output
  C) reduce price
  D) retain price
  Show Answer
  The correct answer is C .
• Question 2435: a debenture share entitles its holder to? Options:
  A) participate in the annual general meeting of the company
  B) share in the dividends declared
  C) recieve a fixed interest on sums invested
  D) have a representative on the Board of Directors
  Show Answer
  The correct answer is C .
• Question 2436: A major determinant of floating exchange rate is Options:
  A) the highest denomination of the currency
  B) an Act of the parliament
  C) the system of government
  D) the forest of demand and supply
  Show Answer
  The correct answer is D .
• Question 2437:
  

  A movement from K to M will

  Options:
  A) decrease the consumer's utility
  B) increase the price of the commodity
  C) increase the consumer's utility
  D) leave consumer's utility unchanged
  Show Answer
  The correct answer is D .
• Question 2438: Dumping in international trade means selling a goods at a Options:
  A) higher price at home than abroad
  B) lower price at home than abroad
  C) price that equates marginal cost with marginal revenue
  D) price above marginal cost abroad
  Show Answer
  The correct answer is A .
• Question 2439: National development plans in Nigeria fail mainly because of Options:
  A) overdependence on foreign aids
  B) inadequate funding of projects
  C) poor implementation strategies
  D) shortage of skilled manpower
  Show Answer
  The correct answer is C .
• Question 2440: The population of a country will decrease if Options:
  A) the death rate exceeds the birth rate
  B) immigration is equal to emigration
  C) the birth rate exceeds the death rate
  D) there is rapid economic growth
  Show Answer
  The correct answer is A .