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 2791: Most firms are financed by share capital. The shares which do not carry any fixed rate of dividend are known as ? Options:
  A) debentures
  B) preference shares
  C) ordinary shares
  D) participating preference shares
  E) old shares
  Show Answer
  The correct answer is C .
• Question 2792: An economic system in which the producer and the consumer are the same is referred to as a Options:
  A) mixed economy
  B) subsistence economy
  C) capitalist economy
  D) socialist economy
  Show Answer
  The correct answer is B .
• Question 2793: Import substitution policy is used to Options:
  A) protect local industries
  B) check government expenditure
  C) correct the balance of payments problem
  D) encourage increased volume of trade
  Show Answer
  The correct answer is C .
• Question 2794: In the long run, the equilibrium point of a monoplistic firm is a point where the Options:
  A) marginal cost curve is tangential to the average fixed cost curve
  B) demand curve is tangential to the average variable cost curve
  C) supply cuvre is tangential to the marginal cost curve
  D) demand curv is tangential to the average cost curve
  Show Answer
  The correct answer is B .
• Question 2795: Which of the following statement is TRUE about ECOWAS? Options:
  A) The aim of ECOWAS is to ensure economic stability
  B) Bigger state in the community dominate the small state
  C) Members of the ECOWAS community can form cartel and create monopolies
  D) English is the only official language of ECOWAS
  Show Answer
  The correct answer is C .
• Question 2796:

  Given that

  B = Births

  D = Death

  X = Emigrants

  M = Immigration

  The population of a country over a period of time will rise if?

  Options:
  A) B = D and X > M
  B) B - D = O and M > X
  C) D - B = O and M = X
  D) X > M and D > B
  Show Answer
  The correct answer is B .
• Question 2797:

  In a country with large population of full-time house wives, national income

  Options:
  A) will be composed of goods produced by women
  B) figures will be grossly over-stated
  C) statistics will be difficult to calculate
  D) figures will be grossly under-estimated
  Show Answer
  The correct answer is B .
• Question 2798:

  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 2799: If a country's national income increased from N1000 billion over a period of 2 years, what was the average annual rate of growth of national income over the period? Options:
  A) 5%
  B) 15%
  C) 20%
  D) 100%
  Show Answer
  The correct answer is A .
• Question 2800: A public liability company is run on a daily basis by Options:
  A) the chief executive
  B) the shareholders
  C) the board of directors
  D) financial consultants
  Show Answer
  The correct answer is C .