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 2811: A major shortcoming of the sole proprietorship form of business is lack of? Options:
  A) working capital
  B) patronage
  C) continuity
  D) market
  Show Answer
  The correct answer is C .
• Question 2812:

  

  The diagram above represents the short-run position of a monopolist. The profit-maximizing output is

  Options:
  A) Q₃
  B) Q₄
  C) Q₁
  D) Q₂
  Show Answer
  The correct answer is A .
• Question 2813: Which of the following is NOT a positive contribution a petroleum to Nigeria economy? Options:
  A) Development of bat infrastructures
  B) Increase in National income
  C) Major employer of labour
  D) Major foreign exchange earned
  E) Turning the nation to mono-product economy
  Show Answer
  The correct answer is E .
• Question 2814:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 2815: Which of the following occurs in the circular flow of economic activities with no leakages Options:
  A) Consumption equals saving
  B) Saving equals investment
  C) Imports equal exports
  D) National income equals national expenditure
  Show Answer
  The correct answer is B .
• Question 2816: The aim of indigenization policy was to Options:
  A) build more industries in the economy
  B) increase the drain in foreign exchange
  C) increase foreign domination of the economy
  D) increase the participation of Nigeria’s commerce and industry
  E) send all the foreigners away from Nigeria
  Show Answer
  The correct answer is B .
• Question 2817: Division of labour has many advantages . Not withstanding, it is greatly limited by? Options:
  A) monotony of work
  B) decline of craftmanship
  C) risk of unemployment
  D) extent of market demand
  E) boredom
  Show Answer
  The correct answer is C .
• Question 2818: If the price of a commodity is fixed below equilibrium, this will lead to Options:
  A) excess demand
  B) a decrease in price
  C) an increase in price
  D) excess supply
  Show Answer
  The correct answer is A .
• Question 2819: A perfect competitor will continue to expand output up to the point where Options:
  A) TC > TR
  B) MR = AR
  C) MC < MR
  D) MC > MR
  Show Answer
  The correct answer is C .
• Question 2820: If P = $\frac{1}{2}$(Qs + 15). What is the quantity supplied at N9.00? Options:
  A) 33.0
  B) 12.0
  C) 3.0
  D) 1.5
  Show Answer
  The correct answer is C .