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 621: The following are type of business organization EXCEPT Options:
  A) co-operative society
  B) Entrepreneurship
  C) partnership
  D) public corporation
  E) Sole proprietorship
  Show Answer
  The correct answer is A .
• Question 622: Production is said to be complete when goods and services gets to the Options:
  A) consumers
  B) distributors
  C) retailers
  D) warehouses
  E) wholesalers
  Show Answer
  The correct answer is A .
• Question 623: In the event of a limited liability company going into liquidation each Options:
  A) shareholder may lose the maximum of the amount he has invested
  B) shareholder loses nothing
  C) shareholders loses everything including his house
  D) shareholder''s liability becomes unlimited
  E) shareholder will lose the amount he has invested plus a proportion of his bank account
  Show Answer
  The correct answer is A .
• Question 624:

  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 625: If a good is an inferior good, then? Options:
  A) it is also necessarily a Giffen good
  B) the quality of the goods demanded varies inversely with its price
  C) its income elasticity of demand is negative
  D) the poor buy the good only out of habit
  Show Answer
  The correct answer is C .
• Question 626: Production is said to be completed when? Options:
  A) goods and services reach the consumers
  B) prices of goods and services are determined
  C) goods are sold to the wholesaler
  D) goods are packaged
  Show Answer
  The correct answer is A .
• Question 627: Patents and copyrights enable monopolists to Options:
  A) determine the quality of their products
  B) determine the scale of their products
  C) restrict information flow to new firms
  D) restrict entry of new firms
  Show Answer
  The correct answer is B .
• Question 628:

  A situation in which a commodity is sold abroad below its cost of production in the home country is known as?

  Options:
  A) dumping
  B) counter trade
  C) bilateral trade
  D) trade liberalization
  Show Answer
  The correct answer is A .
• Question 629: which of the following measures can be used to control inflation? Options:
  A) decrease in bank rate
  B) Decrease in taxation
  C) deficit budget
  D) Export drive
  E) Increase in government expenditure
  Show Answer
  The correct answer is D .
• Question 630: From which of the following does Nigeria derive trade concessions? Options:
  A) IMF
  B) World Bank
  C) ADB
  D) EEC
  Show Answer
  The correct answer is D .