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 2721: A public liability company is different from a private limited company because i? Options:
  A) is registered with the registrar of companies
  B) is a legal entity
  C) can raise capital of size by way of loans
  D) can sell shares in the stock exchange
  Show Answer
  The correct answer is D .
• Question 2722: A decrease in aggregate spending in an economy will ultimately lead to Options:
  A) boom
  B) inflation
  C) deflation
  D) recession
  Show Answer
  The correct answer is C .
• Question 2723: Long-run in economic mean a period of time in which Options:
  A) all factor inputs are not being used
  B) all factor inputs are variable
  C) all factor inputs are fixed
  D) only few factor inputs are variable
  E) firms are not producing at all
  Show Answer
  The correct answer is B .
• Question 2724: Public expenditure on services, such as education and health, is known as expenditure on Options:
  A) general services
  B) community services
  C) social services
  D) economic services
  E) administrative services
  Show Answer
  The correct answer is C .
• Question 2725: The following countries are members of ECOWAS EXCEPT Options:
  A) Angola
  B) Ghana
  C) Ivory coast
  D) Liberia
  E) Niger Republic
  Show Answer
  The correct answer is A .
• Question 2726:

  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 2727: Inflation is a ……………. Options:
  A) general increase in the price of a single product
  B) period of economic recession
  C) period of hunger
  D) period of excessive money
  E) persistent rise in the general price level
  Show Answer
  The correct answer is E .
• Question 2728:

  The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?

  Options:
  A) International monetary Fund
  B) Countries with comparative advantage
  C) Countries with superlative advantage
  D) Countries producing same or identical goods
  Show Answer
  The correct answer is D .
• Question 2729:

  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 2730: Divorce of ownership from control is a characteristic of? Options:
  A) sole properitorship
  B) a limited liability company
  C) partnership
  D) a private limited company
  Show Answer
  The correct answer is B .