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 2461: The ordinary partner in a partnership? Options:
  A) takes no active in the management of the business
  B) has limited liability in case of business failure
  C) has unlimited liability in case of business failure
  D) cannot be sued personally on matters relating to the business
  Show Answer
  The correct answer is C .
• Question 2462: 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 .
• Question 2463: One of the problems arising from the localization of industries is? Options:
  A) high prices of output
  B) the exportation of output
  C) the scarcity of foreign exchange
  D) structural unemployment
  Show Answer
  The correct answer is D .
• Question 2464: Indicate which of the following are invisible trade items in a country’s balance of payments? Options:
  A) oil exports and imports
  B) Gold and foreign reserves
  C) foreign investment
  D) Dividends and profit
  E) Expenditure on the shipping and tourism
  Show Answer
  The correct answer is E .
• Question 2465: The Lagos clearing house is Options:
  A) a commodity market
  B) an import licensing centre
  C) another name for the Lagos stock exchange
  D) an insurance and underwriting centre
  E) a cheque sorting centre
  Show Answer
  The correct answer is E .
• Question 2466: Which of following rewards is associated with entrepreneurship as a factor of production? Options:
  A) Salaries
  B) Profit
  C) Interests
  D) Rents
  Show Answer
  The correct answer is B .
• Question 2467: The OPEC marketing policy of fixing minimum price allows members to Options:
  A) sell above minimum price
  B) sell below minimum price
  C) determine the price and quantity to sell
  D) negotiate price with customers
  Show Answer
  The correct answer is A .
• Question 2468: Price mechanism determines the prices of commodities through Options:
  A) auctioning
  B) market forces
  C) the sales of treasury bills
  D) government legislation
  Show Answer
  The correct answer is B .
• Question 2469: One of the major problems of product distribution in most developing countries is? Options:
  A) lack of storage facilities
  B) large number of middlemen
  C) inadequate manpower
  D) inadequate means of transportation
  Show Answer
  The correct answer is D .
• Question 2470: A characteristic of the average fixed cost is that, it? Options:
  A) rises and falls faster than the marginal cost
  B) is U-shaped and intersects the price axis
  C) is always higher than the average variable cost
  D) falls continuously but is never equal to zero
  Show Answer
  The correct answer is D .