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 41:

  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 .
• Question 42: Under partnership, investors who have no desires to be actively involved in the day-to-day management of such organization, are called? Options:
  A) stockholders
  B) sleeping partners
  C) part-time investors
  D) ordinary partners
  Show Answer
  The correct answer is B .
• Question 43: Which of the following could be used to measure the efficiency of labour? Options:
  A) rate of inflation
  B) input-output ratio
  C) buying more machines
  D) unemployment rate
  Show Answer
  The correct answer is B .
• Question 44: The Lagos clearing house is Options:
  A) a commodity market
  B) an import licensing centre
  C) another name for the Lagos stock exchange
  D) an insurance and underwriting centre
  E) a cheque sorting centre
  Show Answer
  The correct answer is E .
• Question 45: A central argument of cardinal utility is that utility is? Options:
  A) measurable
  B) psychological
  C) ranked
  D) intangible
  Show Answer
  The correct answer is A .
• Question 46: Disequilibrium in the balance of payment means? Options:
  A) imports of the country exceeding its exports
  B) overall deficit or surplus in the current account and capital account of the balance of payment
  C) capital flowing out of the country exceeds the capital flowing into the country
  D) deficit in the trade balance
  E) export earnings exceeds cost of imports
  Show Answer
  The correct answer is B .
• Question 47:

  

  From the diagram above, the quantity of output is determined by the point

  Options:
  A) M
  B) N
  C) H
  D) F
  Show Answer
  The correct answer is D .
• Question 48: The lowering of the exchange rate between country's currency and other currencies is known as Options:
  A) the foreign exchange rate
  B) deflation
  C) exchange control
  D) the law of comparative advantage
  E) None of the above
  Show Answer
  The correct answer is E .
• Question 49:

  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 50: A modern corporation is owned by? Options:
  A) debenture holders
  B) ordinary shareholders
  C) preference shareholders
  D) creditors
  Show Answer
  The correct answer is B .