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 1401: 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 1402:

  The question below is based on the table below:

  The international production set for Nigeria and Austria is:

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

  The opportunity cost ratio for cocoa and lace for Austria and Nigeria is

  Options:
  A) 2,2
  B) 2,1.5
  C) 1.5,4
  D) 1.5,2
  E) 0.5,1.5
  Show Answer
  The correct answer is D .
• Question 1403:

  The number of people who are qualified to work and who offer themselves for employment is called____________?

  Options:
  A) Migrant labour
  B) Working population
  C) Labor turnover
  D) Mobility of Labour
  Show Answer
  The correct answer is B .
• Question 1404: a debenture share entitles its holder to? Options:
  A) participate in the annual general meeting of the company
  B) share in the dividends declared
  C) recieve a fixed interest on sums invested
  D) have a representative on the Board of Directors
  Show Answer
  The correct answer is C .
• Question 1405: The Malthusian theory of population has been rendered ineffective by Options:
  A) government policies
  B) natural disasters
  C) birth contorl measures
  D) technical progress
  Show Answer
  The correct answer is D .
• Question 1406: The price mechanism is more effective in achieving efficient performance of the economy than the planning mechanism because of the? Options:
  A) role of supply and demand
  B) role of material incentive
  C) existence of buyers and sellers
  D) role of money
  Show Answer
  The correct answer is A .
• Question 1407:

  One of these is not a problem of agriculture___________

  Options:
  A) provision of employment
  B) lack of preservation and storage facilities
  C) land tenure system
  D) poor transportation systems
  Show Answer
  The correct answer is A .
• Question 1408: An isoquant lying above to the right of another represents Options:
  A) a higher output level
  B) constant returns to scale
  C) over-capacity utilization
  D) a lower output level
  Show Answer
  The correct answer is A .
• Question 1409: Elasticity demand is an effective tool in the hands of a producer in that it enables him? Options:
  A) raise his profit and lower his costs
  B) discourage buyers from cheating
  C) determine what he will produce
  D) set his price to maximize his profit
  Show Answer
  The correct answer is D .
• Question 1410: Economic development may be defined as economic growth? Options:
  A) in a given country
  B) over a long period
  C) and improved health facilities
  D) and improved distribution of wealth
  Show Answer
  The correct answer is D .