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 2471: A major disadvantage of partnership business is Options:
  A) difficulty in the transfer of shares
  B) distrust among members
  C) limited liability
  D) large capital outlay
  Show Answer
  The correct answer is B .
• Question 2472: The assumption of profit maximization implies profit? Options:
  A) is the most important consideration of the firm
  B) is the sole consideration of the firm
  C) assumes an insatiable propotion in the instinct of management
  D) is made in other to break-even
  Show Answer
  The correct answer is A .
• Question 2473: Which of the following is mostly used to determine the cost of living? Options:
  A) Marginal changes in prices
  B) Consumer price index
  C) Prices of imported and exported commodities
  D) producer price index
  Show Answer
  The correct answer is B .
• Question 2474: Which of the following is a term used to describe a payment representing a surplus in excess of transfer costs? Options:
  A) Interest rates
  B) Opportunity costs
  C) Economic rent
  D) Indirect costs
  E) Wages
  Show Answer
  The correct answer is C .
• Question 2475:

  A ............ in the price of the domestic currency in terms of a foreign currency is referred to as .............

  Options:
  A) Decrease, appreciation
  B) Increase, de-appreciation
  C) Decrease, depreciation
  D) Increase, consolidation
  Show Answer
  The correct answer is C .
• Question 2476: The main objectives of public expenditure does NOT include? Options:
  A) stabilization of national economy
  B) achievement of a more equitable income distribution
  C) meeting the social needs of the people
  D) revenue sharing and profit maximizationn
  Show Answer
  The correct answer is D .
• Question 2477: If the country's GNP in the current year is N50 billion, and the GNP in the base year N50 billion, the GNP deflector is? Options:
  A) 130.0
  B) 30.0
  C) 15.0
  D) 1.3
  Show Answer
  The correct answer is C .
• Question 2478:

  

  The diagram represents a production function. At which of the points does diminishing returns set in

  Options:
  A) I
  B) J
  C) K
  D) L
  Show Answer
  The correct answer is B .
• Question 2479:

  Use the information below to answer questions.

  When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.The two commodities can be classified as?

  Options:
  A) Substitutes
  B) durable and non-durable
  C) intermediate and final
  D) complements
  Show Answer
  The correct answer is A .
• Question 2480:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .