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 2521: The liability of the sole trader is? Options:
  A) indeterminable
  B) unlimited
  C) transferable
  D) limited
  Show Answer
  The correct answer is B .
• Question 2522:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 2523:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 2524: The main objective of the Economic Community of West African State is to? Options:
  A) estabilish a West African Development Bank
  B) create a West African army
  C) introduce a common currency for the sub-region
  D) promote the free movement of persons, goods and services within the sub-region
  Show Answer
  The correct answer is D .
• Question 2525: A decrease in supply without a corresponding change in demand will lead to Options:
  A) an increase in equilibrium price and a decrease in equilibrium quantity
  B) a decrease in equilibrium price and an increase in equilibrium qantity
  C) a decrease in equilibrium price and equilibrium quantity
  D) an increase in equilibrium price and quantity
  Show Answer
  The correct answer is A .
• Question 2526: 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 2527: An adverse environmental impact of the petroleum industry on the economy is Options:
  A) communal riots
  B) the vandalization of oil equipment
  C) oil spillage
  D) community development
  Show Answer
  The correct answer is C .
• Question 2528: Which of these is NOT associated with the problem of internal trade? Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 2529:

  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 2530:

  

  The average total cost when output is 200 units in the table aboveis

  Options:
  A) N1.00
  B) N2.0
  C) N1.40
  D) N2.40
  Show Answer
  The correct answer is B .