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 2451: If a government wants to reduce the level of inflation, it will? Options:
  A) run a budget surplus
  B) run a budget deficit
  C) run a balanced budget
  D) borrow more money
  Show Answer
  The correct answer is A .
• Question 2452:

  The principle that specified that the amount, when and how to pay tax should be made known to tax payer is known as

  Options:
  A) Principle of economy
  B) Principle of convenience
  C) Principle of simplicity
  D) Principle of certainty
  Show Answer
  The correct answer is D .
• Question 2453: The main function of retailer in the distribution channel is Options:
  A) advertising the product on behalf of manufacturers
  B) bulk breaking
  C) branding and packaging of good
  D) direct customer services
  E) storage facilities for finished products
  Show Answer
  The correct answer is D .
• Question 2454: Bondholders are treated more favorably than shareholders because Options:
  A) They are not liable for the companies losses
  B) They greater voice in the electing board of the directors
  C) They control the management
  D) They have a prior claim on the companies assets
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 2455:

  Inflation is likely to benefit_______

  Options:
  A) Debtors
  B) Persons with back savings
  C) Creditors
  D) Persons who lived on fixed pension funds
  Show Answer
  The correct answer is A .
• Question 2456:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 2457: A student has N30.00 with which to buy a ruler costing N18.00 and an exercise book costing N25.00. If he buys the exercise book, his opportunity cost is? Options:
  A) the ruler
  B) the exercise book
  C) N25.00
  D) 18.00
  Show Answer
  The correct answer is A .
• Question 2458: The most important limitation on the partner as a form of business enterprise is the? Options:
  A) implication for partners'liability
  B) legal limitation placed on the number of partners
  C) difficulties arising from having two co-ordinate heads of a firm
  D) fact that each partner regardless of the capital he contributes, must have the same voting rights
  Show Answer
  The correct answer is B .
• Question 2459:

  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 2460: By definition, variable cost (VC) is related to total costs (TC) and fixed costs (FC) by the equation? Options:
  A) VC =TC + FC
  B) VC = TC - FC
  C) VC = TC/FC
  D) VC = (TC)(FC)
  Show Answer
  The correct answer is B .