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 1901: A disadvantage of the corporate formof business is the? Options:
  A) risk of the owners of loss of personal effects if the business should fail
  B) ability of the corporation to is financial resources
  C) limited life span of the corporation
  D) problems presented by separation ownership from control
  E) None of the above
  Show Answer
  The correct answer is D .
• Question 1902: Which of the following is not an indicator of economic growth? Options:
  A) CPI
  B) PPI
  C) GDP
  D) High Level of Unemployment
  Show Answer
  The correct answer is D .
• Question 1903:

  

  The supply of commodity II increasing from S₁S₁ to S₂S₂

  Options:
  A) Moves the price below OP₂
  B) Leads to a fall in price from OP₁ to OP₂
  C) Increases the price from OP₂ to OP₁
  D) Moves the price to OP₁
  Show Answer
  The correct answer is B .
• Question 1904: The group of unemployed members of a community who are physically handicapped or disabled, is generally classified under unemployment as? Options:
  A) frictional
  B) cyclical
  C) residual
  D) hidden
  Show Answer
  The correct answer is C .
• Question 1905:

  Plywood industries are often located near the source of?

  Options:
  A) finance
  B) labour
  C) power supply
  D) raw materials
  Show Answer
  The correct answer is D .
• Question 1906: By using exchange controls, a country tries to eliminate a balance of payments deficit by? Options:
  A) limiting her imports to its currency value of exports
  B) reducing the nation's domestic price level
  C) limiting her exports to its currency value of imports
  D) overvaluing the country's currency
  Show Answer
  The correct answer is A .
• Question 1907: A major difference between a state-owned enterprise and a private enterprise is that the former? Options:
  A) is not expected to cover its costs of production while the latter is
  B) is not always expected to maximize profits while the latter is
  C) has shareholders while the latter does not
  D) has a board of directors while the latter does not
  Show Answer
  The correct answer is B .
• Question 1908: In most cases the marginal utility derived from a particular good Options:
  A) increases as additional units are consumed
  B) increases at a decreasing rate as additional units are consumed
  C) decreases at a constant rate as additional units are consumed
  D) decreases as additional units are consumed
  E) remains constant as additional units are consumed
  Show Answer
  The correct answer is D .
• Question 1909:

  

  What type of unemployment is revealed by the dotted lines on the graph?

  Options:
  A) frictional unemployment
  B) Cyclical unemployment
  C) Circular unemployment
  D) Underemployment
  Show Answer
  The correct answer is B .
• Question 1910: The choice of the method of production in an economy is determined by the Options:
  A) level of technical know-how
  B) rate of propulation growth
  C) availability of natural resources
  D) level of income
  Show Answer
  The correct answer is A .