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 961: 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 962: Which of the following is the standard concept for measuring and analyzing population growth? Options:
  A) The rate of natural increase
  B) The net migrate
  C) The rate of population increase
  D) The fertility rate
  E) All of the above
  Show Answer
  The correct answer is E .
• Question 963: A long-term capital outflow is recorded in the balance of payment as a Options:
  A) credit on the capital account
  B) credit on the current account
  C) debit on the current account
  D) debit on the capital account
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  The correct answer is D .
• Question 964: At any given level of output, a firm's total variable cost equals ? Options:
  A) total cost less marginal cost
  B) total cost less total fixed costs
  C) total cost less average cost
  D) average variable cost and marginal cost
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  The correct answer is B .
• Question 965: Which of the following items is subtracted when computing Gross National Product at factor cost, by the expenditure method? Options:
  A) Consumption expenditure
  B) Indirect taxes
  C) Exports and property income from abroad
  D) Gross Domestic Fixed Capital Formation
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  The correct answer is B .
• Question 966: Budget deficit is the amount by which? Options:
  A) total expenditure exceeds revenue
  B) recurrent expenditure exceeds revenue
  C) capital expenditure exceeds revenue
  D) recurrent expenditure exceeds capital expenditure
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  The correct answer is A .
• Question 967:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 968: An economic system in which individual control the productive resources is known as Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
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  The correct answer is A .
• Question 969: A distinguishing characteristic of cooperative societies is that voting power depends on the? Options:
  A) number of shares held
  B) status of the member
  C) equality of members
  D) management's decision
  Show Answer
  The correct answer is C .
• Question 970: A supply curve is positively sloped because Options:
  A) supply always exceeds demand
  B) demand always exceeds supply
  C) price is an incentive to consumers
  D) price is an incentive to producers
  Show Answer
  The correct answer is D .