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 1371: In a demand curve, the relationship between price and quantity is? Options:
  A) indeterminate
  B) direct
  C) nil
  D) inverse
  Show Answer
  The correct answer is C .
• Question 1372:

  Efficiency in production means?

  Options:
  A) reducing the size of the work force
  B) producing a given output with the lowest cost of combination of factors of production
  C) adoption of capital intensive technology
  D) increasing the quantity of the fixed factors of production
  Show Answer
  The correct answer is B .
• Question 1373: Which of the following is NOT a part of the fixed costs of a limited liability company? Options:
  A) Interest on loans
  B) Rent on buildings
  C) Depreciation reserves
  D) Management expenditure
  E) Wages
  Show Answer
  The correct answer is E .
• Question 1374: Given that Qd = 10 - 2p whileQs = 5 + 3P, if P = N1, determine the equilibrium quantity. Options:
  A) 7
  B) 6
  C) 5
  D) 8
  Show Answer
  The correct answer is D .
• Question 1375: A disadvantage of a joint-stock company is? Options:
  A) unlimited liability
  B) limited liability
  C) continuity
  D) loss of controlling interest
  Show Answer
  The correct answer is D .
• Question 1376:

  Industrialization is the process of___________

  Options:
  A) concentrating a firm in a place
  B) transforming as economy based on extractive to manufacturing
  C) transferring a government industry to individual
  D) transforming finished goods into semi-finished goods
  Show Answer
  The correct answer is B .
• Question 1377: Under normal circumstances a producer will bear the entire burden of taxation on his output if the? Options:
  A) demand for his product is completely elastic
  B) supply of his goods is more elastic than the demand
  C) demand for his product is more elastic than the supply
  D) production of his commodities is subject to diminishing returns
  E) production of his commodities is subject to increase returns to scale
  Show Answer
  The correct answer is A .
• Question 1378: Which of the following are examples of transfer payment Options:
  A) gift and donations
  B) rents and rates
  C) profit and dividends
  D) internal and external debts
  Show Answer
  The correct answer is A .
• Question 1379:

  Which of the following factors may not affect the efficiency of labour?

  Options:
  A) Education and training
  B) Provision of welfare service
  C) Race and colour of workforce
  D) Quality of other factor inputs
  Show Answer
  The correct answer is C .
• Question 1380: Ike's scale of preference reveals that he prefers bananas to pawpaw, pawpaw to oranges and oranges to bananas. Ike's preferences are therefore? Options:
  A) inconsistent
  B) consistent
  C) transitive
  D) rational
  Show Answer
  The correct answer is A .