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 591: Which of the following is the correct order in the chain of distribution? Options:
  A) Consumer —> Distributor → Retailer → Producer
  B) Producer → Consumer → Retailer → Wholesaler
  C) Producer → Wholesaler → Retailer → Consumer
  D) Retailer → Consumer → Producer → Wholesaler
  E) Wholesaler → Retailer → Producer → Consume
  Show Answer
  The correct answer is C .
• Question 592: 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 593: Limited liability means? Options:
  A) the debts of a company can only be paid from its own assets
  B) the debts of a company are paid from business as well as private funds of the owners
  C) government cannot tax the company
  D) the debts of a company must be paid from private funds only
  E) the company does not have to pay its debts
  Show Answer
  The correct answer is A .
• Question 594: Economics is the study of human behaviour as it relates to the Options:
  A) efficient allocation of resources
  B) production of goods
  C) operation of companies
  D) generation of income
  Show Answer
  The correct answer is A .
• Question 595:

  

  The above diagram showing the maximum possible combination of commodities X and Y produced in Nigeria is called the

  Options:
  A) Production indicator
  B) Maximum production curve
  C) Production possibility curve
  D) Total output curve
  Show Answer
  The correct answer is C .
• Question 596: A firm that charges the maximum price without attracting competition from new entrants is Options:
  A) Oil firms
  B) Monopolistic competitive firm
  C) Monopolistic firm
  D) Perfectly competitive firm
  Show Answer
  The correct answer is C .
• Question 597:

  The price mechanism

  Options:
  A) regulates supply and demand
  B) rations the consumers
  C) rewards the producers
  D) allocates scarce resources
  E) does all of the above
  Show Answer
  The correct answer is A .
• Question 598: Improved labour efficiency can be measured by? Options:
  A) an increase in output-input ratio
  B) an decrease in output-input ratio
  C) the constancy of input-output ratio
  D) an increase in input-output ratio
  Show Answer
  The correct answer is A .
• Question 599: One of the techniques of monetary control used by the Central Bank of Nigeria is? Options:
  A) selective credit control
  B) budget deficit
  C) foreign exchange control
  D) monitoring the general price level
  Show Answer
  The correct answer is C .
• Question 600: Changing the structure of a commodity in order to increase its utility is called? Options:
  A) Time utility
  B) form utility
  C) marginal utility
  D) place utility
  Show Answer
  The correct answer is B .