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 841: A disadvantage of the corporate formof business is the? Options:
  A) risk of the owners of loss of personal effects if the business should fail
  B) ability of the corporation to is financial resources
  C) limited life span of the corporation
  D) problems presented by separation ownership from control
  E) None of the above
  Show Answer
  The correct answer is D .
• Question 842:

  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 843:

  The full meaning of NNPC is?

  Options:
  A) Nigerian National Population commission
  B) Nigerian National Petroleum Corporation
  C) National Number of Petroleum Companies
  D) None of the above
  Show Answer
  The correct answer is B .
• Question 844: In order to increase its profit margin, the monopolist can manipulate Options:
  A) both price and output
  B) either price or output
  C) only its price
  D) only its output
  Show Answer
  The correct answer is B .
• Question 845:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 846: Arrangement of wants in order of importance is brought about by Options:
  A) excess supply of goods
  B) interest in doing so
  C) scarcity of resources
  D) opportunity cost
  E) limited wants
  Show Answer
  The correct answer is C .
• Question 847: Which of the following is NOT a sources of national income statistics? Options:
  A) Foreign trade figure
  B) pay-rolls of various establishment
  C) income tax return
  D) Economic surveys
  E) level of infrastructural development
  Show Answer
  The correct answer is E .
• Question 848: One of the features of a free market economy is that? Options:
  A) resources are directed by the price mechanism
  B) workers do not earn equal wages
  C) the profit motive is serverly constrained
  D) descisions on the economy are taken by bureaucratic structures
  Show Answer
  The correct answer is A .
• Question 849: An increase in an economy's productive capacity implies? Options:
  A) an increase in the economy's rate of capital replacement
  B) an increase in the economy's capital stock
  C) a decrease in government spending
  D) an increase in government spending
  Show Answer
  The correct answer is B .
• Question 850: A rightward shift in the production possibility frontier may be due to Options:
  A) Use of inferior inputs
  B) Inefficiency
  C) Improvement in production techniques and practices
  D) Changes in the product mix
  E) Changes in consumer's tastes and preferences
  Show Answer
  The correct answer is C .