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 2761: One of the advantages of a partnership over a sole proprietorship is that? Options:
  A) it is the most popular form of business organization
  B) the patern can easy withdraw from business
  C) it makes an increase in the capital of the business possible
  D) there is no limit to the number of people who may bring in capital
  Show Answer
  The correct answer is C .
• Question 2762: The formular (N + 1)/2 is used to determine the Options:
  A) mean
  B) median
  C) mode
  D) standard deviation
  E) mean deviation
  Show Answer
  The correct answer is B .
• Question 2763: Consumer surplus tends to be higher when demand is Options:
  A) inelastic
  B) perfectly elastic
  C) elastic
  D) unitarily elastic
  Show Answer
  The correct answer is C .
• Question 2764: The choice of how to produce in a command economy is determined by Options:
  A) government
  B) consumer
  C) industrialists
  D) labour unions
  Show Answer
  The correct answer is A .
• Question 2765: The movement of people from rural to urban areas affects the Options:
  A) occupational distribution of population
  B) sex distribution of population
  C) geographical distribution of population
  D) age distribution of population
  Show Answer
  The correct answer is C .
• Question 2766: If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is Options:
  A) excise duties
  B) import duties
  C) quotas
  D) tariff
  Show Answer
  The correct answer is C .
• Question 2767: Which of the taxes appear generally progressive in nature? Options:
  A) Sales taxes
  B) The personal income tax
  C) Property taxes
  D) Corporation taxes
  E) none of the above
  Show Answer
  The correct answer is B .
• Question 2768: A producer sustains a loss in the short run if Options:
  A) marfinal revenue is less than price
  B) price is less than average cost
  C) average variable cost is less than average cost
  D) marginal cost is less than marginal revenue
  Show Answer
  The correct answer is B .
• Question 2769: Excess supply over demand will place a price advantage on _____ Options:
  A) government
  B) foreign investors
  C) suppliers
  D) consumers
  Show Answer
  The correct answer is D .
• Question 2770: If 100 units and units of commodity X are supplied at N80 at different times, it means that there is Options:
  A) a change in supply
  B) a change in the quantity supplied
  C) an increase in the quantity supplied
  D) a increase in the quantity supplied
  Show Answer
  The correct answer is B .