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 41: the major objective of current campaign for family planning in Nigeria is to? Options:
  A) reduce the death rate
  B) limit the number of women a man can marry
  C) keep the population growth rate constant
  D) raise the standard of living of the population
  Show Answer
  The correct answer is D .
• Question 42: 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 43: One problem in the marketing of agricultural products in Nigeria is? Options:
  A) the seasonal nature of the commodities
  B) high price of the commodities
  C) the changing tastes of consumers
  D) inadequate storage facilities
  Show Answer
  The correct answer is D .
• Question 44: If prices fall in a perfectly competitive industry, the firms in that industry in the short run will? Options:
  A) not decrease in number
  B) keep output at the same level but make losses
  C) reduce production
  D) intensity the advertisement of their products
  Show Answer
  The correct answer is C .
• Question 45:

  

  From the graph above P₂ in price control situation is referred

  Options:
  A) Minimum price
  B) Shut-down price
  C) Maximum price
  D) Mark-up price
  Show Answer
  The correct answer is A .
• Question 46:

  

  Use the diagram above to answer this question. Points E₆ and E₅ are respectively equilibrium points for

  Options:
  A) D_o and S_o; D_o and S₂
  B) D₁ and S₂; D₂ and S_o
  C) D₂ and S₁; D₂ and S₂
  D) D₂ and S_o; D_o and S₂
  Show Answer
  The correct answer is C .
• Question 47: A persistent rise in the general level of prices implies? Options:
  A) an increase in some prices
  B) a one-time rise in prices
  C) a steady fall in the purchasing power of money
  D) that the higher the price level, the more the value of money
  Show Answer
  The correct answer is C .
• Question 48:

  Economics may be defined as ________

  Options:
  A) The study of human behaviour in the allocation of scarce resources
  B) The study of money and banking
  C) The study of markets and prices
  D) The study of production and distribution
  Show Answer
  The correct answer is A .
• Question 49: Dumping in international trade means selling a goods at a Options:
  A) higher price at home than abroad
  B) lower price at home than abroad
  C) price that equates marginal cost with marginal revenue
  D) price above marginal cost abroad
  Show Answer
  The correct answer is A .
• Question 50: An indigenous company wholly owned by the federal government of Nigeria which currently engaged in prospecting for oil is? Options:
  A) the Nigerian National Oil Company
  B) Peak Petroleum Industries Nigeria Limited
  C) Nigeria Exploration and Production Company
  D) the Nigeria National Petroleum Corporation
  Show Answer
  The correct answer is D .