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 221:

  A country has a population distribution as shown below:

  $\begin{array}{cc}\text{Age Group years}& \text{ Corresponding percentage}\\ \text{Above 60}& 22\\ 15-60& 60\\ 0-14& 15\end{array}$

  The dependency ratio is

  Options:
  A) 3:2
  B) 1:3
  C) 2:3
  D) 1:5
  Show Answer
  The correct answer is D .
• Question 222: An upward review of the retirement age will affect the Options:
  A) wage rate
  B) demand for labour
  C) supply of labour
  D) tax rate
  Show Answer
  The correct answer is C .
• Question 223: Division of labour means? Options:
  A) the labour is divided into different section
  B) the work is divided into different parts to be completed by each labour
  C) production is completed by the different department of a factory
  D) commodities are produced at different times by a single labourer
  E) the labour force in the country is not united
  Show Answer
  The correct answer is B .
• Question 224: The amount of labour a producer hires relative to labour factor inputs depends on the? Options:
  A) price of labour or it wage
  B) price of labour, machinery and other inputs
  C) price of machinery
  D) price of the other inputs
  E) type of machinery
  Show Answer
  The correct answer is B .
• Question 225: Which of the following is NOT true of debentures and debenture holders? Options:
  A) Debentures are instruments for rising long-term capital by limited liability companies
  B) Debenture are fixed interest-bearing securities with specified maturity dates
  C) Debentures holders are creditors to the company and therefore do not share in the risk of the company
  D) Debenture holders are entitled to interest payments whether or not profits are made
  E) Preference shareholders recieve their share of profits before debenture holders receive their entitlements
  Show Answer
  The correct answer is E .
• Question 226: A disadvantage of a joint-stock company is? Options:
  A) unlimited liability
  B) limited liability
  C) continuity
  D) loss of controlling interest
  Show Answer
  The correct answer is D .
• Question 227: Changing the structure of a commodity in order to increase its utility is called? Options:
  A) Time utility
  B) form utility
  C) marginal utility
  D) place utility
  Show Answer
  The correct answer is B .
• Question 228: Individual markets differ from each other according to Options:
  A) The degree of competition
  B) The volume of trade
  C) The number of buyers
  D) It's composition
  Show Answer
  The correct answer is D .
• Question 229:

  Consider the diagram below which shows a demand curve (d).

  Total expenditure on a commodity is represented by the area TUVW. Consumer's surplus is represented by___________

  Options:
  A) The area VWX
  B) The area XTUV
  C) $\frac{XW}{XT}$
  D) $\frac{TU}{UV}$
  Show Answer
  The correct answer is A .
• Question 230: The primary problem of Economics is? Options:
  A) to obtain a more equitable distribution of money income
  B) the scarcity of productive resources relative to material needs
  C) how to reach prices which correctly depict that products and resources are not in abundance
  D) to teach people how to save so as to make more money
  Show Answer
  The correct answer is B .