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 81: Divorce of ownership from control is a characteristic of? Options:
  A) sole properitorship
  B) a limited liability company
  C) partnership
  D) a private limited company
  Show Answer
  The correct answer is B .
• Question 82: The producer in a perfectly competitive market is faced with a demand curve whose elasticity is? Options:
  A) unitary
  B) greater than one
  C) infinite
  D) less than one
  Show Answer
  The correct answer is C .
• Question 83: The age distribution of a country's population determines the? Options:
  A) ratio of the dependent to the working group
  B) total age of all working class adults
  C) male-female ratio
  D) percentage of married women
  Show Answer
  The correct answer is A .
• Question 84: The Economic Commission for Africa was set up by the? Options:
  A) UNO
  B) ECOWAS
  C) OAU
  D) IMF
  Show Answer
  The correct answer is A .
• Question 85:

  A major characteristic of natural resources isthey

  Options:
  A) are unlimited in supply
  B) have high cost of production
  C) are free gifts of nature
  D) do not command any price
  Show Answer
  The correct answer is C .
• Question 86:

  $\begin{array}{cc}\text{Unit of output}& \text{Table cost}\\ 1& 20\\ 2& 32\\ 3& 42\\ 4& 48\\ 5& 50\end{array}$

  Inthe above table, the marginal cost of the 3rd unit of output is

  Options:
  A) 12
  B) 6
  C) 10
  D) 2
  E) 9
  Show Answer
  The correct answer is C .
• Question 87: Utility is the satisfaction derived from? Options:
  A) demand
  B) production
  C) distribution
  D) consumption
  Show Answer
  The correct answer is D .
• Question 88:

  The coefficient of the price elasticity of supply is always_____________

  Options:
  A) Constant
  B) Zero
  C) Positive
  D) Negative
  Show Answer
  The correct answer is C .
• Question 89: A characteristic of a debenture is that? Options:
  A) its yeild is based on profits
  B) its yeild is a fixed rate of interest
  C) it has no redemption date
  D) there is a voting right when interest is paid
  Show Answer
  The correct answer is B .
• Question 90: If Nigeria's composite price index in 1999 was 140.03% in 2000, the rate of inflation in 2000 was Options:
  A) 4.02%
  B) 2.10%
  C) 2.06%
  D) 1.03%
  Show Answer
  The correct answer is D .