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 1831: An industry is? Options:
  A) company producing unrelated commodities
  B) group of firms producing related commodities
  C) group of firms producing distinct commodities
  D) firms producing differentiated commodities
  Show Answer
  The correct answer is B .
• Question 1832: An entrepreneur will continue to employ labour up to a point where? Options:
  A) costs are minimized
  B) maximized efficiency is attained
  C) wages are equal to marginal product of labour
  D) marginal product of labour is equal to zero
  Show Answer
  The correct answer is C .
• Question 1833: Banks aid economic expansion and development by? Options:
  A) being very strict in lending policies
  B) mobilizing savings for investment lending
  C) paying interest on deposit accounts
  D) charging high interest on loans
  Show Answer
  The correct answer is B .
• Question 1834: If government expenditure exceeds revenue, this result in Options:
  A) balanced budget
  B) national debt
  C) budget deficit
  D) budget surplus
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  The correct answer is C .
• Question 1835: Capital consumption allowance refers to? Options:
  A) personal consumption expenditure
  B) indirect business taxes
  C) depreciation of capital equipment
  D) expenditure on capital equipment
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  The correct answer is C .
• Question 1836: A disadvantage of concentrating industries in an area is that it could? Options:
  A) lead to conclusion among the firms
  B) result in evironmental pollution
  C) bring about diseconomies of scale
  D) increase the cost of production
  Show Answer
  The correct answer is B .
• Question 1837: Which of the following is not a direct tax? Options:
  A) company income tax
  B) capital tax
  C) purchase tax
  D) personal income tax
  E) capital gain tax
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  The correct answer is C .
• Question 1838:

  The Economic Commission for Africa was set up by the?

  Options:
  A) UNO
  B) ECOWAS
  C) OAU
  D) IMF
  Show Answer
  The correct answer is A .
• Question 1839:

  Human wants are insatiable because wants are____________

  Options:
  A) Limited while means are scarce
  B) Unlimited and means are also unlimited
  C) Limited and means are also limited
  D) Unlimited while means are scarce.
  Show Answer
  The correct answer is D .
• Question 1840: If high unemployment goes hand in hand with rising prices, the situation created is? Options:
  A) hyperinflation
  B) stagflation
  C) moderate inflation
  D) galloping inflation
  Show Answer
  The correct answer is B .