Economics Past Questions | JAMB

Study the following Economics past questions and answers for JAMBWAEC  NECO and Post-JAMB. Get prepared with official past questions and answers for upcoming examinations.

71.  Human wants are insatiable because wants are____________

  • A. Limited while means are scarce
  • B. Unlimited and means are also unlimited
  • C. Limited and means are also limited
  • D. Unlimited while means are scarce.

72.  Mortgage banks give loans to investors on a long term basics to_____________

  • A. Finance agriculture
  • B. establish banks
  • C. acquire machinery
  • D. build houses

73.  The form of capital that is required for the day-to-day running of production activities is called?

  • A. Fixed capital
  • B. Social Capital
  • C. Circulating capital
  • D. Liquid capital

74.  Which of the following business organization is allowed to raise capital by sales of shares to more than twenty people?

  • A. Partnership
  • B. Sole proprietorship
  • C. Public limited liability company
  • D. Private limited liability company

75.  Utility is the satisfaction derived from____________

  • A. Production
  • B. Distribution
  • C. Consumption
  • D. Demand

  76.  The main concern of economists is to________-

  • A. Control the growth of population
  • B. Redistribute income between the rich and poor
  • C. Satisfy all human wants
  • D. Allocate scarce resources to satisfy human wants

77.  The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?

  • A. International monetary Fund
  • B. Countries with comparative advantage
  • C. Countries with superlative advantage
  • D. Countries producing same or identical goods


If the pass mark was 40, how many students passed the examination?

  • A. 100
  • B. 120
  • C. 160
  • D. 200

79.  The Economic Commission for Africa was set up by the_________

  • A. UNO
  • C. OAU
  • D. IMF

 80.  The reward for capital is___________

  • A. Interest
  • B. Rent
  • C. Risk
  • D. Premium

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