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 1381: Which of the following enterprises does NOT pursue the sole objective of profit maximization? Options:
  A) Roads of Nigeria Ltd
  B) Union Bank of Nigeria Ltd
  C) Nigeria Electric Power Authority
  D) Volkswagen (VW) Nigeria Ltd
  E) Kingsway Nigeria Ltd
  Show Answer
  The correct answer is C .
• Question 1382: An economic system in which the producer and the consumer are the same is referred to as a Options:
  A) mixed economy
  B) subsistence economy
  C) capitalist economy
  D) socialist economy
  Show Answer
  The correct answer is B .
• Question 1383: Which of the following items does NOT belong to a country's current account in the balance of payments accounts? Options:
  A) Merchandise exports
  B) Merchandise import
  C) Travel
  D) Foreign currencies
  E) Insurance services
  Show Answer
  The correct answer is D .
• Question 1384: The type of business organizations mostly used for producing public goods in Nigeria is Options:
  A) Sole proprietorships
  B) Limited liability companies
  C) Co-operative societies
  D) Statutory corporations
  Show Answer
  The correct answer is D .
• Question 1385:

  The question below is based on the table below:

  The international production set for Nigeria and Austria is:

  $\begin{array}{ccc}\text{Products}& \text{Nigeria}& \text{Austria}\\ \text{Cocoa}& 20\text{ tonnes}& 12\text{ tonnes}\\ \text{Lace}& 10\text{ meters}& 8\text{ meters}\end{array}$

  From the table, it can be deduced that?

  Options:
  A) Nigeria should produce cocoa and lace
  B) Austria should produce cocoa and lace
  C) Nigeria can benefit from producing lace only
  D) Nigeria should not produce any of the products because of her relative disadvantages
  E) Austria should produce lace and Nigeria should produce cocoa
  Show Answer
  The correct answer is E .
• Question 1386: Insurance companies invest mainly in instruments trade on the? Options:
  A) capital market
  B) Money market
  C) commodity market
  D) open market
  Show Answer
  The correct answer is A .
• Question 1387: In international trade, shipping and other freight charges are treated as? Options:
  A) invisible items
  B) unilateral transfers
  C) capital transactions
  D) autonomous capital transactions
  Show Answer
  The correct answer is A .
• Question 1388: At the consumer equilibrium, the slope of the indifference curve is? Options:
  A) half the slope of the budget constraint line
  B) equal to the slope of the budget constraint line
  C) greater than the slope of the budget constraint line
  D) less than the slope of the budget constraint line
  Show Answer
  The correct answer is B .
• Question 1389:

  The second equation of exchange is__________

  Options:
  A) MV = PT
  B) P = $\frac{M}{KR}$
  C) P = $\frac{MV}{T}$
  D) P=MV
  Show Answer
  The correct answer is B .
• Question 1390:

  Which of the following is an example of free good?

  Options:
  A) Free education
  B) Water in the ocean
  C) Dinner you did not pay for
  D) Your rented apartment
  Show Answer
  The correct answer is B .