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 1501: An aging population is a population? Options:
  A) with a high dependency ratio
  B) with many young people
  C) in which the number of old persons is increasing
  D) that is dominated by very old people
  Show Answer
  The correct answer is C .
• Question 1502: The problems of conducting census include? Options:
  A) high rate of rural-urban migration
  B) poor geographical distribution of population
  C) high birth rate in tthe coutry
  D) poor town planning in urban areas
  Show Answer
  The correct answer is D .
• Question 1503:

  

  The movement of curve I to ll suggests

  Options:
  A) an improvement in capital goods technology but not in consumer goods technology
  B) a movement from unemployment to full employment
  C) that the output for the society has declined
  D) a gain in consumer goods technique and not in capital goods technique
  Show Answer
  The correct answer is A .
• Question 1504: A typical corporate form of business organization is owned by Options:
  A) President of a country
  B) Shareholders
  C) The general manager and the executives
  D) A local government
  E) Foreigners and citizens of the country
  Show Answer
  The correct answer is B .
• Question 1505: A factor that influences the location of a firm near its market is the? Options:
  A) transportation of bulky raw materials
  B) external economies
  C) high cost of transporting finished goods
  D) availability of skilled manpower
  Show Answer
  The correct answer is C .
• Question 1506:

  A disadvantage of a jont-stock company is

  Options:
  A) unlimited liability
  B) limited liability
  C) lack of continuity when a shareholder dies
  D) limited control in management by shareholders
  Show Answer
  The correct answer is D .
• Question 1507: Public ownership of productive factors is a feature of_______? Options:
  A) Socialism
  B) Capitalism
  C) Feudalism
  D) Mixed economy
  Show Answer
  The correct answer is A .
• Question 1508: One of the assumptions of ordinal utility in consumer behaviour is that Options:
  A) consumers are irrational
  B) marginal utility rises continuously
  C) utility is measurable
  D) utility can only be ranked
  Show Answer
  The correct answer is D .
• Question 1509:

  A group formed to enable members adopt a common policy in labour negotiation is known as?

  Options:
  A) Employer’s association
  B) Craft Union
  C) Trade union
  D) Employee’s union
  Show Answer
  The correct answer is A .
• Question 1510: One of the ways of improving the marketing of agricultural produce is by Options:
  A) Reviewing the land tenure system
  B) Ensuring even distribution of farm inputs
  C) Embarking on irrigation farming
  D) Establishing agricultural marketing boards
  Show Answer
  The correct answer is D .