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 151: A major disadvantage of partnership business is Options:
  A) difficulty in the transfer of shares
  B) distrust among members
  C) limited liability
  D) large capital outlay
  Show Answer
  The correct answer is B .
• Question 152: Choice involves opportunity cost because Options:
  A) goods give different utilities
  B) available resources are inadequate
  C) there are many goods to select from
  D) not all goods have the same price
  Show Answer
  The correct answer is B .
• Question 153: Which of the following is NOT a goal of modern budgets? Options:
  A) The control of inflation
  B) The reduction in income inequality
  C) The shift of all resources from the private to the public sector
  D) Economic development
  Show Answer
  The correct answer is C .
• Question 154: Under conditions of perfect competition, a firm's supply curve is determined by its? Options:
  A) total cost curve
  B) marginal cost curve
  C) variable cost curve
  D) fixed cost curve
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  The correct answer is B .
• Question 155:

  Inflation is likely to benefit_______

  Options:
  A) Debtors
  B) Persons with back savings
  C) Creditors
  D) Persons who lived on fixed pension funds
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  The correct answer is A .
• Question 156: The value of money is generally measured in reference to Options:
  A) the interest rate charged on bank loans
  B) the general price level
  C) the size of countries gold stock
  D) the level of economic development in a country
  E) the price of stocks and shareson the stock exchange
  Show Answer
  The correct answer is B .
• Question 157:

  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
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  The correct answer is A .
• Question 158: Labour productivity is defined as? Options:
  A) output per man/hour
  B) average output
  C) the maximum number of hours worked
  D) total level of output
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  The correct answer is A .
• Question 159:

  

  When there is a change from T to N, it implies that

  Options:
  A) Supply has increased
  B) Quantity supplied has increased
  C) Quantity demanded has increased
  D) Price has fallen
  Show Answer
  The correct answer is A .
• Question 160: The value of money depends primarily on? Options:
  A) the gold backing of the currency
  B) the gold backing of both currency and deposit
  C) the general price level
  D) government decree that it is legal tender
  E) none of the above
  Show Answer
  The correct answer is C .