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 141:

  Firms are often set up close to each other in order to take advantage of?

  Options:
  A) supply of skilled labour
  B) agglomeration economies
  C) internal economies of scale
  D) external economies of scale
  Show Answer
  The correct answer is D .
• Question 142: The reward on machinery and equipment in the process of production is known as Options:
  A) profit
  B) interest
  C) rent
  D) wages
  Show Answer
  The correct answer is B .
• Question 143: One of the purposes of advertisement in marketing is to? Options:
  A) change the quality of the product
  B) raise the quantity of the product demanded as its price falls
  C) shift the demand curve for the product to the right
  D) raise production cost
  Show Answer
  The correct answer is C .
• Question 144: The shares that must be redeemed first at liquidation of a company are? Options:
  A) preference shares
  B) non-voting ordinary shares
  C) ordinary shares
  D) debentures
  Show Answer
  The correct answer is A .
• Question 145: What would encourage the growth of international division of labour? Options:
  A) Improvement in transport system
  B) Instability in international exchange rate
  C) Restrictions on the movement of resources
  D) increase in tariff
  Show Answer
  The correct answer is A .
• Question 146:

  The type of business finances that entitles the holder to a fixed rate of dividend is?

  Options:
  A) preference stock
  B) common stock
  C) debentures
  D) bank loan
  Show Answer
  The correct answer is C .
• Question 147: The income elasticity of demand of normal goods is Options:
  A) negative
  B) positive
  C) zero
  D) fixed
  Show Answer
  The correct answer is B .
• Question 148: Money becomes a very poor store of value in a period of Options:
  A) Deflation
  B) Stable prices
  C) Recession
  D) Inflation
  E) Harvest
  Show Answer
  The correct answer is D .
• Question 149:

  In the short-run, the monopoly makes_______

  Options:
  A) Normal profit
  B) Abnormal Profit
  C) Loss
  D) Sales
  Show Answer
  The correct answer is B .
• Question 150: Economically, underdeveloped countries are characterized by? Options:
  A) high rate of population growth and low rate of economic growth
  B) high rate of economic growth and low rate of population growth
  C) high rate of population growth aand high rate of economic growth
  D) low rate of population growth and low rate of economic growth
  Show Answer
  The correct answer is A .