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 721:

  A disadvantage of a jont-stock company is

  Options:
  A) unlimited liability
  B) limited liability
  C) lack of continuity when a shareholder dies
  D) limited control in management by shareholders
  Show Answer
  The correct answer is D .
• Question 722:

  Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________

  Options:
  A) Monopoly
  B) Oligopoly
  C) Monopolistic competition
  D) Perfect competition
  Show Answer
  The correct answer is B .
• Question 723: A rising short-run average cost is a result of Options:
  A) economies of scale
  B) falling marginal costs
  C) diminishing returns
  D) rising fixed costs
  Show Answer
  The correct answer is C .
• Question 724: It is important to measure the National Income of a country because? Options:
  A) it is a major determinant of the standard of living
  B) it reveals hazards of development like pollution and congestion
  C) it reveals the distribution of the citizen's savings in foreign banks
  D) its size determines the extent of political stability
  Show Answer
  The correct answer is A .
• Question 725: Progressive tax structure is designed to? Options:
  A) take more from the income of the poor
  B) take more from income of the rich
  C) take equal proportion of income from both the rich and the poor
  D) reduce the problems emanating from tax imposition
  Show Answer
  The correct answer is B .
• Question 726: Which is the most liquid of the following financial assets held by an individual? Options:
  A) Outstanding balance on the current account of a commercial bank
  B) A credit balance on a savings account
  C) A crossed postal order
  D) An insurance policy
  E) All of the above
  Show Answer
  The correct answer is B .
• Question 727: The primary goal of development planning in Nigeria is to? Options:
  A) increase profitability of enterprises
  B) achieve a rapid increase in the welfare and standard of living of Nigerians
  C) increase the level of gross domestic product
  D) make Nigeria a super-power
  Show Answer
  The correct answer is B .
• Question 728:

  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 729: A primary industry is concerned with? Options:
  A) extraction of resources in their raw states
  B) the operation of small scale enterprises
  C) the economic activities of primary producers
  D) clearing and cultivation of land only
  Show Answer
  The correct answer is A .
• Question 730: Which of the following will NOT bring about an increase in Labour force? Options:
  A) Better medical services
  B) Decrease in death rate
  C) Emigration
  D) Immigration
  E) Increase in birth rate
  Show Answer
  The correct answer is C .