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 2531: A limited liability company is usually owned by? Options:
  A) an individual
  B) a government
  C) shareholders
  D) two or more partners
  Show Answer
  The correct answer is C .
• Question 2532: If the required reserves of a bank is 20% and N10 000 is paid into its demand deposit account, what is the excess reserves? Options:
  A) N2000
  B) N18 000
  C) N12 000
  D) N8 000
  Show Answer
  The correct answer is D .
• Question 2533: ECOWAS has taken a giant step towards economic integration by? Options:
  A) presenting a united front against foreign economic exploiters
  B) introducing a common currency for travellers
  C) holding frequent meeting at various state capitals
  D) increasing economic stability among members states
  Show Answer
  The correct answer is D .
• Question 2534: The formular used by the Expenditure approach to calculate National income is Options:
  A) Y=C + I + X - M –G
  B) Y= C + X – M – I + G
  C) Y = C + I + G + X – M
  D) Y = C – I + X – M + G
  E) Y = C + G – X + M – I
  Show Answer
  The correct answer is C .
• Question 2535: The maximum number of shareholders for a limited liability company's is Options:
  A) twenty
  B) five
  C) seven
  D) infinite
  Show Answer
  The correct answer is D .
• Question 2536: The distinction between perfect competition and monoplistic competition is that the latter is characterized by Options:
  A) a single market price
  B) many buyers and sellers
  C) product differentiation
  D) homogeneity of product
  Show Answer
  The correct answer is C .
• Question 2537:

  Fixed Unit of Land (hectares)	Variable Unit of Labout	Total Output (TO)	Marginal Product (MP)
  5	1	10	10
  5	2	25	15
  5	3	X	21
  5	4	60	14
  5	5	73	13
  5	6	82	y

  The table illustrates the law of diminishing returns on a farm. Which pair of the following answers is appropriate for the missing information in the spaces market X and Y?

  Options:
  A) X = 20, Y = 6
  B) X = 38, Y =9
  C) X = 46, Y = 9
  D) X = 46, Y = 14
  E) X = 10, Y = 10
  Show Answer
  The correct answer is C .
• Question 2538: Which of the following is TRUE at the quantity of output where Average Cost (AC) per unit has reached its minimum level? Options:
  A) AVC=FC
  B) MC=AVC
  C) MC=AC
  D) AC=AFC
  Show Answer
  The correct answer is C .
• Question 2539: A commodity can be sold for two or more different prices if it is? Options:
  A) produced or sold by oligopoly
  B) sold in perfect market
  C) produce or sold by monopsony
  D) produced or sold by monopoly
  E) produced or sold by perfect competition
  Show Answer
  The correct answer is D .
• Question 2540: Firms continue to employ workers until the wage rate equals the? Options:
  A) average product of labour
  B) marginal revenue product of labour
  C) total product of labour
  D) sum of marginal revenue and average revenue of labour
  Show Answer
  The correct answer is B .