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 21: The co-operative as a form of business organization differs from partnership by having? Options:
  A) serveral sources of capital for business financing
  B) ability to issue preferred stocks to members
  C) entrenched democratic control in the conduct of business
  D) established rules and regulations governing the activities of its members
  Show Answer
  The correct answer is C .
• Question 22:

  The development of an economic hypothesis through intuition, insight, or logic is associated with

  Options:
  A) Deduction
  B) Policy economics
  C) Normative economics
  D) Induction
  Show Answer
  The correct answer is C .
• Question 23:

  Adam Smith's Theory of value stated that the value of a commodity depended on________

  Options:
  A) The market price in a free market over a long period
  B) The over-all cost of production of the commodity
  C) The amount of labour expended on its production
  D) Its relative scarcity at any given time
  Show Answer
  The correct answer is C .
• Question 24:

  Macroeconomics focuses on the following units in an aggregative manner

  Options:
  A) household, firms, government, corporate sector and external sector
  B) individual consumers, individual firms, government and external sector
  C) government, household firms, individual consumers and external sector
  D) individual consumers, household firms and manufacturing sector
  Show Answer
  The correct answer is A .
• Question 25: Which of the following can have their shares quoted on the stock exchange? Options:
  A) Public corporations
  B) A partnership
  C) A consumer corporative
  D) A public limited liability company
  Show Answer
  The correct answer is D .
• Question 26: Scarcity in economics generally refers to Options:
  A) A period of feminine
  B) Monopolization of existing supply of resources
  C) Nationalization of sources of raw materials in Nigeria
  D) The control of outlets to sell goods
  E) None of the above
  Show Answer
  The correct answer is E .
• Question 27:

  There is unemployment of resources when production is

  Options:
  A) within the production possibility curve
  B) outside the production possibility curve
  C) along the production possibility curve
  D) adequate to meet market demand
  Show Answer
  The correct answer is A .
• Question 28: One disadvantage of trade by barter is that? Options:
  A) people are happier when they exchange the same quantities of goods through the medium of money rather than by barter
  B) the person wishing to buy good X may not have good Y which is what the other wants
  C) one person must always be cheated when trade takes place by barter
  D) it increases the intial cost of producing goods
  Show Answer
  The correct answer is B .
• Question 29: One of the techniques for rectifying a deficit balance of payment is? Options:
  A) import promotion
  B) devaluation
  C) physical intervention
  D) borrowing from abroad
  Show Answer
  The correct answer is B .
• Question 30: The effect of changes in the condition of demand on a demand schedule with the price constant is? Options:
  A) A movement along the demand curve
  B) deflation of the demand curve
  C) hyperbola formation by the demand curve
  D) shift of the demand curve
  Show Answer
  The correct answer is D .