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 731: A public liability company is run on a daily basis by Options:
  A) the chief executive
  B) the shareholders
  C) the board of directors
  D) financial consultants
  Show Answer
  The correct answer is C .
• Question 732:

  

  The lower half of the diagram indicates

  Options:
  A) the flow of goods and services
  B) payments for goods and services
  C) the flow of income
  D) government transactions
  Show Answer
  The correct answer is D .
• Question 733: Bisi needs a book costing N10.00 and a hat costing N10.00. If Bisi buys the book instead of the hat, the opportunity cost of his choice is the? Options:
  A) cost of the bok
  B) cost of the hat
  C) book
  D) hat
  E) N10.00
  Show Answer
  The correct answer is B .
• Question 734: In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of? Options:
  A) lack of an effective agricultural policy
  B) employment opportunities in the oil sector
  C) rural-urban drift
  D) low prices of agricultural products
  Show Answer
  The correct answer is C .
• Question 735:

  The expression of cost in terms of alternative forgone is referred to as ____?

  Options:
  A) Scarce resources
  B) Decision making
  C) Opportunity cost
  D) Choice
  Show Answer
  The correct answer is C .
• Question 736: The price index computed between two time periods is given as 128%,This implies that the Options:
  A) disposable income have increased by 28%
  B) living standards have fallen by 128%
  C) living standards have risen by 128%
  D) living standards have fallen by 28%
  Show Answer
  The correct answer is B .
• Question 737:

  A country with over-valued currency will

  Options:
  A) expect balance of payments surplus
  B) have increased demand for the exports
  C) increase her foreign reserve
  D) decrease her foreign reserve
  Show Answer
  The correct answer is D .
• Question 738: In order to maximize his profit, a businessman who faces a very elastic demand for his product is advised to? Options:
  A) slightly increase the price of his product
  B) slightly reduce the price of his products
  C) leaves his price unchanged
  D) discriminate his prices
  Show Answer
  The correct answer is B .
• Question 739: Which of the following is not a type of unemployment Options:
  A) factory unemployment
  B) structural unemployment
  C) mass unemployment
  D) frictional unemployment
  Show Answer
  The correct answer is A .
• Question 740: The downward sloping part of the long-run average cost curve of a firm may be attributable to? Options:
  A) diminishing returns
  B) the law of variable proportions
  C) diseconomies of scale
  D) increasing returns to scale
  Show Answer
  The correct answer is D .