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 301:

  Summary of product condition in countries i and iiAmount of labour days, cocoa(tons) Cloth(tons)

  Country i 200 600 900

  Country ii 200 300 800 From the above table, we can correctly say in respect of international trade that

  Options:
  A) Country I has absolute disadvantage in the production of both cocoa cloth
  B) Country I has absolute advantage in the production of both cocoa and cloth
  C) Country II has absolute advantage in the production of both cocoa and cloth
  D) Country II has comparative advantage in the production of cocoa
  E) Country II should leave the production of both cocoa and cloth to country I
  Show Answer
  The correct answer is B .
• Question 302: 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 303: Agricultural production in Nigeria is constrained by Options:
  A) ineffective use of stabilization measures
  B) inadequate demand
  C) poor implementation of policies
  D) balance of payments deficits
  Show Answer
  The correct answer is C .
• Question 304:

  Human wants are insatiable because wants are____________

  Options:
  A) Limited while means are scarce
  B) Unlimited and means are also unlimited
  C) Limited and means are also limited
  D) Unlimited while means are scarce.
  Show Answer
  The correct answer is D .
• Question 305: A distinguishing characteristic of consumer co-operative society is that the Options:
  A) the maximum number of shareholders is 20
  B) members are the owners
  C) members are the workers
  D) the minimum number of shareholders is 5
  Show Answer
  The correct answer is B .
• Question 306: The interest charged on loans is determined by the __________? Options:
  A) Exchange rate
  B) Fiscal policy
  C) Risk associated with the loan
  D) Rate of production in the country
  Show Answer
  The correct answer is C .
• Question 307: A manufacturer who wants to build a new plant will source funds from the Options:
  A) commercial banks
  B) money market
  C) capital market
  D) government
  Show Answer
  The correct answer is C .
• Question 308: Which of the following is not a type of unemployment Options:
  A) factory unemployment
  B) structural unemployment
  C) mass unemployment
  D) frictional unemployment
  Show Answer
  The correct answer is A .
• Question 309: In the event of liquidation of a private limited liability company, the shareholders' liability is limited in their total? Options:
  A) income from all sources
  B) family assets
  C) collateral offered for bank loans
  D) investment inthe company
  Show Answer
  The correct answer is D .
• Question 310: A major cause of the slow pace of industrialization in Nigeria is inadequate Options:
  A) raw materials
  B) landmass
  C) skilled labour
  D) communal labour
  Show Answer
  The correct answer is C .