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 1441:

  Economists refer to private goods as

  Options:
  A) rivalrous and non-excludable
  B) rivalrous and excludable
  C) non rival and non- excludable
  D) non rival and excludable
  Show Answer
  The correct answer is B .
• Question 1442: The co-operative as a form of business organization differs from partnership by having? Options:
  A) serveral sources of capital for business financing
  B) ability to issue preferred stocks to members
  C) entrenched democratic control in the conduct of business
  D) established rules and regulations governing the activities of its members
  Show Answer
  The correct answer is C .
• Question 1443: Devaluation is effective when? Options:
  A) demand for imports is price inelastic
  B) demand for imports is neutral
  C) production for export is low
  D) demand for exports is price elastic
  Show Answer
  The correct answer is D .
• Question 1444: On the basis of the contribution to employment, the most important economic sector in West African is? Options:
  A) industry
  B) agriculture
  C) construction
  D) commerce
  Show Answer
  The correct answer is D .
• Question 1445: In perfect competition,price is determined by the Options:
  A) government
  B) sellers
  C) buyers
  D) market
  Show Answer
  The correct answer is D .
• Question 1446: One of the effects of instability in farmer's income in Nigeria is Options:
  A) lack of infrastructural facilities
  B) rural-urban migration
  C) inadequate supply of fertilizer
  D) low level of technology
  Show Answer
  The correct answer is B .
• Question 1447: The condition for equilibrium price and quantity under perfect competition is? Options:
  A) MC = AR = TR
  B) TC =AR = P
  C) MC = AR = P
  D) MC = AR = TC
  Show Answer
  The correct answer is C .
• Question 1448:

  The production cost that varies inversely with output is the

  Options:
  A) total fixed cost
  B) marginal cost
  C) average fixed cost
  D) average cost
  Show Answer
  The correct answer is D .
• Question 1449: One of the most outstanding disadvantages of co-operative societies as business organization is that? Options:
  A) true spirit of co-operation is marred by delegated authority
  B) members show much interest
  C) it is poorly financed
  D) membership interest is centred on sharing of essential commodities
  Show Answer
  The correct answer is C .
• Question 1450:

  If inflation is anticipated, people may

  Options:
  A) save more money
  B) spend more money
  C) give out more loans
  D) spend less money
  Show Answer
  The correct answer is B .