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 321:

  

  If the national income is 60m, the contribution of the manufacturing sector is

  Options:
  A) 12m
  B) 9m
  C) 18m
  D) 17m
  Show Answer
  The correct answer is C .
• Question 322:

  A disadvantage of a jont-stock company is

  Options:
  A) unlimited liability
  B) limited liability
  C) lack of continuity when a shareholder dies
  D) limited control in management by shareholders
  Show Answer
  The correct answer is D .
• Question 323: If the increase in the price of yams is used to estimate the inflation rate, this is an example of Options:
  A) deductive reasoning
  B) inductive reasoning
  C) normative reasoning
  D) positive reasoning
  Show Answer
  The correct answer is B .
• Question 324: If additional unit of a variable factor input causes a fall in the marginal product, this implies that Options:
  A) Total product starts declining
  B) Average product has become zero
  C) Diminishing returns has set in
  D) Increasing returns is operating
  Show Answer
  The correct answer is C .
• Question 325: In the event of liquidation of a private limited liability company, the shareholders' liability is limited in their total? Options:
  A) income from all sources
  B) family assets
  C) collateral offered for bank loans
  D) investment inthe company
  Show Answer
  The correct answer is D .
• Question 326: a debenture share entitles its holder to? Options:
  A) participate in the annual general meeting of the company
  B) share in the dividends declared
  C) recieve a fixed interest on sums invested
  D) have a representative on the Board of Directors
  Show Answer
  The correct answer is C .
• Question 327: The supply curve of a perfectly competitive firm is identical to its Options:
  A) total cost
  B) marginal cost
  C) fixed cost
  D) variable inputs
  Show Answer
  The correct answer is B .
• Question 328: Which of the following best explains the structural changes in the population of a country? Options:
  A) Positive changes in the size and ethnic composition of the population
  B) A decrease in the size of the population
  C) An increase in the birth rate which is higher than the decrease in the death rate
  D) Changes in the age, sex and occupational composition of the population
  Show Answer
  The correct answer is D .
• Question 329: Liquidation of limited liability company implies that the? Options:
  A) company may not pay its debt
  B) debts of the company can only be paid from its own assets
  C) debts of the company are paid from both business and private funds of the owners
  D) debts of the company musts be paid from public funds only
  Show Answer
  The correct answer is B .
• Question 330: An upward movement along the same supply curve results in Options:
  A) an increase in supply
  B) a decrease in price
  C) a decrease in quantity supplied
  D) an increase in quantity supplied
  Show Answer
  The correct answer is D .