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 2751: The following are type of business organization EXCEPT Options:
  A) co-operative society
  B) Entrepreneurship
  C) partnership
  D) public corporation
  E) Sole proprietorship
  Show Answer
  The correct answer is A .
• Question 2752:

  Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of ________

  Options:
  A) 100 days
  B) 30 days
  C) 90 days
  D) 14 days
  Show Answer
  The correct answer is C .
• Question 2753:

  One of these is not a way by which government encourage industrialization?

  Options:
  A) Protection of Infant industries
  B) Establishment of Nigeria Enterprises Promotion Decree
  C) Low Productivity and inefficiency
  D) Establishment of higher institutions
  Show Answer
  The correct answer is C .
• Question 2754: The raising of funds by selling stocks to the public is called Options:
  A) equity financing
  B) deficit financing
  C) loan financing
  D) debt financing
  Show Answer
  The correct answer is A .
• Question 2755: Efficiency of labour is enhanced by? Options:
  A) Average Total Cost less the sum of Varriable Cost
  B) half the sum of all costs
  C) Total Fixed Cost divided by the the level of output
  D) Total Fixed Cost plus Marginal Cost
  Show Answer
  The correct answer is C .
• Question 2756: An aging population is a population? Options:
  A) with a high dependency ratio
  B) with many young people
  C) in which the number of old persons is increasing
  D) that is dominated by very old people
  Show Answer
  The correct answer is C .
• Question 2757: An issue of bank-notes not backed by gold but by government securities is known as? Options:
  A) fiduciary isssue
  B) guaranteed money
  C) seignior age
  D) legal tender
  Show Answer
  The correct answer is A .
• Question 2758:

  In the short-run, the monopoly makes_______

  Options:
  A) Normal profit
  B) Abnormal Profit
  C) Loss
  D) Sales
  Show Answer
  The correct answer is B .
• Question 2759: Of what importance is a wholesaler in the chain of distribution? Options:
  A) creation of artificial scarcity
  B) bulk breaking
  C) formation of trade unionism
  D) hoarding of goods
  E) making prompt payment to producers
  Show Answer
  The correct answer is B .
• Question 2760:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .