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 661: One factor which influences the slope of a non-linear demand curve for a commodity is the? Options:
  A) price of the commodity
  B) quantity of the commodity demanded
  C) availability of substitutes
  D) available of complements
  Show Answer
  The correct answer is C .
• Question 662: Which of these is NOT a basic economic problem of society? Options:
  A) efficiency of resource use
  B) for whom to produces
  C) how to produce
  D) scale of production
  E) what to produce
  Show Answer
  The correct answer is A .
• Question 663:

  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 664:

  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 665: A firm determines its profit when it studies its? Options:
  A) Marginal Cost
  B) Average Cost
  C) Total Cost
  D) Average Cost relative to price in the market
  Show Answer
  The correct answer is D .
• Question 666: An economy in which both the public and the private sectors contribute substantially to the growth of output is? Options:
  A) a socialist economy
  B) a capitalist economy
  C) a mixed economy
  D) an industrial economy
  E) a peasant economy
  Show Answer
  The correct answer is C .
• Question 667: The practice of selling goods overseas and often below the cost of production is known as Options:
  A) retailing
  B) dumping
  C) internal trade
  D) advertising
  Show Answer
  The correct answer is B .
• Question 668:

  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 669: The population level that yields the maximum output when combined with available resources is known as Options:
  A) dependent population
  B) maximum population
  C) active population
  D) productive population
  E) optimum population
  Show Answer
  The correct answer is E .
• Question 670: Which of the following is a disadvantage of sole proprietorship? Options:
  A) Does not enjoy limited liability
  B) Decisions are easily made and implemented
  C) Easy to set up
  D) Enjoys secrecy
  E) Maintains dose relationship with workers and customers
  Show Answer
  The correct answer is A .