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 2051:

  

  In the diagram above, there is an excess

  Options:
  A) demand for 30 units
  B) supply of 40 units
  C) demand for 20 units
  D) supply of 20 units
  Show Answer
  The correct answer is C .
• Question 2052: A form of business organization which is characterized by limited authority and liability of individual owners is the? Options:
  A) sole proprietorship
  B) partnership
  C) joint stock company
  D) co-operative society
  Show Answer
  The correct answer is C .
• Question 2053: Given that Qd = 10 - 2p whileQs = 5 + 3P, if P = N1, determine the equilibrium quantity. Options:
  A) 7
  B) 6
  C) 5
  D) 8
  Show Answer
  The correct answer is D .
• Question 2054: NEPA as a public corporation is? Options:
  A) a power generating industry in Nigeria
  B) organized in a perfect competitive market
  C) a duopoly
  D) a monopolistically competitive industry
  E) a monopoly
  Show Answer
  The correct answer is E .
• Question 2055: Nigeria earns the major part of her foreign exchange from the export of? Options:
  A) manpower to another countries
  B) crude oil
  C) petroleum products
  D) groundnuts and cotton
  E) palm oil and cocoa
  Show Answer
  The correct answer is B .
• Question 2056: Comparative cost doctrine of international trade means specialization in production Options:
  A) according to absolute cost advantage
  B) according to absolute cost disadvantage
  C) according to comparative cost disadvantage
  D) according to comparative cost advantage
  E) on the basis of the availability of labour
  Show Answer
  The correct answer is D .
• Question 2057: Devaluation is effective when? Options:
  A) demand for imports is price inelastic
  B) demand for imports is neutral
  C) production for export is low
  D) demand for exports is price elastic
  Show Answer
  The correct answer is D .
• Question 2058: 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 2059: The marketing of agricultural commodities in Nigeria is hampered by Options:
  A) lack of adequate storage facilities
  B) the existence of farmers' associations
  C) the existance of commodity exchange
  D) the abolition of marketing boards
  Show Answer
  The correct answer is A .
• Question 2060: The system of measurement of national income as the sum of all final demands is called? Options:
  A) income approach
  B) expenditure approach
  C) value-added
  D) final demands approach
  Show Answer
  The correct answer is B .