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 2581: A possible factor which limits the extent of growth of a firm is the? Options:
  A) existence of a monoploy
  B) bureaucratic delays in decision-making
  C) use of by-products
  D) unwillingness to share ownership and control
  Show Answer
  The correct answer is D .
• Question 2582: The major problem of cooperative societies in Nigeria is that? Options:
  A) they often lack cohersion and continuity
  B) their liability is unlimited to members
  C) voting is by proxy
  D) their management style is poor
  Show Answer
  The correct answer is D .
• Question 2583: The distinguishing characteristic between the money market and the capital market lies in whether the Options:
  A) securities are primary or secondary
  B) debt instruments provided are long-term or short-term
  C) funds mobilized are private or public
  D) securities are in debentures or ordinary shares
  Show Answer
  The correct answer is B .
• Question 2584: The concept of marginal utility indicates the relationship between utility and _________? Options:
  A) Price
  B) Satisfaction
  C) Cost
  D) Revenue
  Show Answer
  The correct answer is B .
• Question 2585: The major determinant of the total volume of output in an economy is the? Options:
  A) level of wholesale prices
  B) size of the labour force
  C) level of total expenditure
  D) composition of consumer spending
  Show Answer
  The correct answer is C .
• Question 2586:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 2587: Which of the following is an important function of prices in a market economy? Options:
  A) Ensuring that resources are used in the most efficient manner
  B) Ensuring an equitable distribution of goods and services
  C) Ensuring that all industries are perfectly competitive in the long run
  D) Equating level of purchases with level of needs
  Show Answer
  The correct answer is D .
• Question 2588:

  A demand which gives rise to the reverse of the law of demand is__________

  Options:
  A) Derived demand
  B) Joint demand
  C) Abnormal demand
  D) Composite demand
  Show Answer
  The correct answer is C .
• Question 2589:

  Economics may be defined as ________

  Options:
  A) The study of human behaviour in the allocation of scarce resources
  B) The study of money and banking
  C) The study of markets and prices
  D) The study of production and distribution
  Show Answer
  The correct answer is A .
• Question 2590: A company's expenditure on raw materials is termed as_______? Options:
  A) Prime cost
  B) Explicit cost
  C) Average cost
  D) Implicit cost
  Show Answer
  The correct answer is B .