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 891: Which of the business organization listed below is characterized by limited authority and liability of the individual owners? Options:
  A) Sole properitorship
  B) Partnership
  C) Joint stock company
  D) Co-operative society
  Show Answer
  The correct answer is C .
• Question 892: One of the problems facing the Nigerian oil and gas industry is____________________? Options:
  A) Over-capacity utilization
  B) The discovery of alternative oil sources
  C) Shortage of indigenous manpower
  D) The excess supply of petroleum products
  Show Answer
  The correct answer is C .
• Question 893: Which of the following alternatives will NOT assist in checking the population growth in West Africa countries? Options:
  A) Immigration
  B) Brith control measures, e.g. use of contraceptives
  C) Late marriage
  D) Creating more educational opportunities for women
  E) Sex education
  Show Answer
  The correct answer is A .
• Question 894: The pre-dominance of non-working housewives and maids in West Africa Options:
  A) will understate the national income of the countries
  B) will overstate the national income of the countries
  C) will lead to constant per capita income over the years
  D) will lead to balance of payment deficits
  E) will cause unfavourable terms of trade
  Show Answer
  The correct answer is A .
• Question 895: The distinction between capital and recurrect expenditure lies in the Options:
  A) nature of the goods and services to be provided
  B) time frame of the expenditure
  C) source of the revenue generated
  D) amount of expenditure involved
  Show Answer
  The correct answer is B .
• Question 896: 'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct? Options:
  A) Human wants are numerous but the resources needed to satisfy them are limited
  B) Given numerous wants and limited resources only individuals and businesss firms make choice
  C) The process of making a choices involves opportunity cost
  D) An economist is not interested morality or otherwise of any choice so made
  E) Usually choice is made from a list of wants compliled in the context of a scale of preference
  Show Answer
  The correct answer is B .
• Question 897: The bowed shape of the Production possibilities curve illustrates _________ Options:
  A) that production is inefficient
  B) that demand is relatively inelastic
  C) that production is unattainable
  D) the law of increasing marginal cost
  Show Answer
  The correct answer is A .
• Question 898: A distribution is said to be positively skewed if it Options:
  A) has a long tail to the left
  B) has a long tail to the right
  C) is bimodal
  D) is bell-shaped
  Show Answer
  The correct answer is B .
• Question 899: A perfect example of a public good is? Options:
  A) air
  B) education
  C) defence
  D) transport
  Show Answer
  The correct answer is C .
• Question 900: For an economy which last year produced only two commodities X and Y, the real cost of the quantity of X which it produced can be measured by the? Options:
  A) amount of X it could not produced
  B) amount of Y it produced
  C) total amount of Y it could have produced
  D) extra amount of Y it could have produced
  Show Answer
  The correct answer is C .