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 2551:

  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 2552: Balance of trade is the difference between? Options:
  A) exports and imports of goods and services
  B) capital inflows and capital outflows
  C) visible and invisible balances
  D) exports and imports of goods
  Show Answer
  The correct answer is D .
• Question 2553:

  

  In the diagram P₁ S is a supply curve for a manufactured. itis shows that

  Options:
  A) when price is OP₁ quantity supplied is infinitely elastic
  B) the higher the price the greater the quantity supplied
  C) the higher the price the lower the quantity supplied
  D) when price is zero quantity supplied becomes infinite
  E) when price is infinite quantity supplied becomes zero
  Show Answer
  The correct answer is A .
• Question 2554: Entrepreneur is associated more with Options:
  A) capital management
  B) production of beverage
  C) profit making
  D) profit sharing
  E) risk bearing
  Show Answer
  The correct answer is E .
• Question 2555: A normal supply curve is usually positively sloped because the relationship between Options:
  A) price and supply is positive
  B) demand and price is positive
  C) supply and price is negative
  D) price and demand is negative
  Show Answer
  The correct answer is A .
• Question 2556: Which of the following is NOT a function of marketing boards in Nigeria? Options:
  A) Fixing of prices for farm produce
  B) Grading of farm produce
  C) Importation of farm produce
  D) Marketing of farm produce
  E) Price stabilization
  Show Answer
  The correct answer is C .
• Question 2557: The best method of production in an under populated country is Options:
  A) Labour-extensive
  B) Land-intensive
  C) Capital-intensive
  D) Labour-intensive
  Show Answer
  The correct answer is C .
• Question 2558: 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 2559:

  The demand curve for goods of ostentation is usually

  Options:
  A) negatively sloped
  B) positively sloped
  C) vertical
  D) horizontal
  Show Answer
  The correct answer is B .
• Question 2560:

  Air is essential to life but commands no price!

  Diamond is not essential to life but commands a high?

  Options:
  A) thrift
  B) value
  C) abundance
  D) scarcity
  Show Answer
  The correct answer is B .