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 711: One of the dangers of the localization of industries is? Options:
  A) residual employment
  B) mass unemployment
  C) structural unemployment
  D) cyclical unemployment
  Show Answer
  The correct answer is C .
• Question 712: The population of Oh-aha L.G.A. WAS 480 000 in December 1980, out of which 60% were females . If within one year no birth were recorded, but 5% of the L.G.A. in December 1981? Options:
  A) 96 000
  B) 192 000
  C) 288 000
  D) 470 400
  Show Answer
  The correct answer is D .
• Question 713:

  Among the disadvantages of the one-man business is the fact that______

  Options:
  A) its capital may not be increased without government permission
  B) the proprietor is personally liable for the firm's debts
  C) the proprietor is not able to obtain credit
  D) the proprietor may not sue for bad debts
  Show Answer
  The correct answer is B .
• Question 714:

  A supply curve parallel to the X-axis indicates

  Options:
  A) fairly elastic supply
  B) infinitely elastic supply
  C) fairly inelastic supply
  D) perfectly inelastic supply
  Show Answer
  The correct answer is B .
• Question 715: One of the goals of development plans in Nigeria is to Options:
  A) increase the profitability of multinational businesses
  B) improve the country's GDP
  C) achieve higher standard of living for the citizens
  D) deregulate the economy
  Show Answer
  The correct answer is C .
• Question 716: In the history of Economic Thought the concept of Division of labour is usually associated with? Options:
  A) David Richardo
  B) J.M. Keynes
  C) Adam Smith
  D) Karl Marx
  Show Answer
  The correct answer is C .
• Question 717:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 718: Which of the following changes in equilibrium price and quantity is as a result of an upward shift in the market demand for a commodity? Options:
  A) Both the price and the quantity fall
  B) The price rise and the quantity falls
  C) The price falls and the quantity rises
  D) Both the price and the quantity rise
  Show Answer
  The correct answer is D .
• Question 719: In the circular flow of income model, the outflow variables represent Options:
  A) Income
  B) Expenditure
  C) Injections
  D) Leakages
  Show Answer
  The correct answer is D .
• Question 720: An increase in government expenditure will lead to? Options:
  A) investment opportunities for foreign investors
  B) an increase in the level of aggregate demand
  C) an increase in total tax revenue
  D) reduction in total tax revenue
  Show Answer
  The correct answer is B .