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 2511: In the event of liquidation of a private limited liability company, the shareholders' liability is limited in their total? Options:
  A) income from all sources
  B) family assets
  C) collateral offered for bank loans
  D) investment inthe company
  Show Answer
  The correct answer is D .
• Question 2512: The expression ‘terms of trade’ is used to describe Options:
  A) Quality of export
  B) The direction of foreign trade
  C) Terms of purchase on deferred payment basis
  D) The rate at which export exchange for imports
  E) Import licensing
  Show Answer
  The correct answer is D .
• Question 2513: In a mixed economy, decisions to produce are taken by? Options:
  A) men and women acting in their own best interest
  B) the government acting in the interest of the country
  C) the market women, the labour unions and the employers association
  D) private individuals, organization and the government
  Show Answer
  The correct answer is D .
• Question 2514: At the point where marginal revenue of a monopolist is equal zero, its total revenue will be? Options:
  A) falling
  B) rising
  C) equal to zero
  D) maximum
  Show Answer
  The correct answer is A .
• Question 2515:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 2516:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 2517:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 2518: A firm operating at full capacity will have a Options:
  A) perfectly inelastic supply curve
  B) perfectly elastic supply curve
  C) fairly elastic supply curve
  D) fairly inelastic supply curve
  Show Answer
  The correct answer is A .
• Question 2519:

  Which of the following is the resultant effect of a fall in the profit margin of producers in an economy?

  Options:
  A) Unemployment will fall
  B) Unemployment will remain constant
  C) Unemployment will increase
  D) Unemployment will fluctuate
  Show Answer
  The correct answer is C .
• Question 2520:

  The price mechanism

  Options:
  A) regulates supply and demand
  B) rations the consumers
  C) rewards the producers
  D) allocates scarce resources
  E) does all of the above
  Show Answer
  The correct answer is A .