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 2571: 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 2572: The major problem of conducing a census in Nigeria is Options:
  A) inadequate skilled personnel
  B) financial constraint
  C) urban congestion
  D) lack of political will
  Show Answer
  The correct answer is D .
• Question 2573: The pre-dominance of non-working housewives and maids in West Africa Options:
  A) will understate the national income of the countries
  B) will overstate the national income of the countries
  C) will lead to constant per capita income over the years
  D) will lead to balance of payment deficits
  E) will cause unfavourable terms of trade
  Show Answer
  The correct answer is A .
• Question 2574:

  

  If the national income is 60m, the contribution of the manufacturing sector is

  Options:
  A) 12m
  B) 9m
  C) 18m
  D) 17m
  Show Answer
  The correct answer is C .
• Question 2575: When the government fix the price of essential commodities, this is referred to as: Options:
  A) Price equilibrium
  B) Price control
  C) Demanded price
  D) Asking price
  Show Answer
  The correct answer is B .
• Question 2576: Fiscal policy involves changes in? Options:
  A) open market operations
  B) revenue and expenditure of government
  C) money supply to the economy
  D) imports and exports
  Show Answer
  The correct answer is B .
• Question 2577: A firm determines its profit when it studies its? Options:
  A) Marginal Cost
  B) Average Cost
  C) Total Cost
  D) Average Cost relative to price in the market
  Show Answer
  The correct answer is D .
• Question 2578: If a government is running deficit, this means Options:
  A) A term of trade are unfavourable
  B) more project cannot be undertaken
  C) Tax inflow is greater than expenditure
  D) aggregate demand is greater than aggregate supply
  E) tax inflow is less than expenditure
  Show Answer
  The correct answer is E .
• Question 2579:

  $\begin{array}{cc}\text{Capital consumption allowance}& \text{N20,000}\\ \text{Gross domestic production}& \text{N60,000}\\ \text{Factor payment to foreigners}& \text{N10,000}\\ \text{Factor income from abroad}& \text{N15,000}\end{array}$

  From the above table, calculate the Gross National Product.

  Options:
  A) ₦70,000
  B) ₦75,000
  C) ₦50,000
  D) ₦60,000
  Show Answer
  The correct answer is B .
• Question 2580: Life insurance companies contribute to economic development by holding a part of their assets in Options:
  A) long-term financial instruments
  B) money market instruments
  C) cash and near money
  D) short-term financial instruments
  Show Answer
  The correct answer is C .