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 961:

  The following are economic agents in any economy EXCEPT

  Options:
  A) Central Bank
  B) House hold
  C) Firm
  D) Government
  Show Answer
  The correct answer is A .
• Question 962: 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 963: The main economic goal of ECOWAS is the attainment of ? Options:
  A) regional free trade
  B) Multilateral trade
  C) bilateral trade
  D) economic self-reliance
  E) The economic emancipation of Africa
  Show Answer
  The correct answer is A .
• Question 964: Exclusions that makes Gross National Product a poor measure of welfare are? Options:
  A) goverment purchases
  B) government millitary outlays
  C) wages and salaries
  D) housewives services
  Show Answer
  The correct answer is D .
• Question 965: Age-structure in Nigeria is such that the working age-group is in the years Options:
  A) 1-15
  B) 15-65
  C) 30-40
  D) 40-65
  E) 65 and above
  Show Answer
  The correct answer is B .
• Question 966: The logical sequence of basic concepts in economics is Options:
  A) Wants, scarcity, choice and opportunity cost
  B) Wants , choice, scarcity and opportunity cost
  C) Scarcity, wants , choice and scale of perference
  D) Scarcity, choice ,scale of preference and opportunity cost.
  Show Answer
  The correct answer is A .
• Question 967: Efficiency of labour is enhanced by? Options:
  A) Average Total Cost less the sum of Varriable Cost
  B) half the sum of all costs
  C) Total Fixed Cost divided by the the level of output
  D) Total Fixed Cost plus Marginal Cost
  Show Answer
  The correct answer is C .
• Question 968: If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units, the demand is said to be Options:
  A) perfectly elastic
  B) inelastic
  C) elastic
  D) perfectly inelastic
  Show Answer
  The correct answer is B .
• Question 969: The use of government revenue and expenditure to achieve set objectives is known as Options:
  A) budget
  B) fiscal policy
  C) revenue allocation
  D) monetary policy
  Show Answer
  The correct answer is B .
• Question 970: Marginal cost curve intersects average cost curve ? Options:
  A) from above at its lowest point
  B) from below before the lowest point
  C) from below at its lowest point
  D) from below after the lowest point
  E) at zero point
  Show Answer
  The correct answer is C .