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 991:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 992:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 993: External economies are Options:
  A) The advantage accuring to a firm as a result of its expansion
  B) The advantages accuring to one firm as a result of the existence of other firms in the same locality
  C) Benefits derived by a firm as a result of its own individual policy
  D) Reaped only by agricultural firms
  E) Bound to increase the costs of production whatever the circumstances
  Show Answer
  The correct answer is B .
• Question 994:

  A commodity is defined as normal when its demand changes in the same direction as______

  Options:
  A) income
  B) price
  C) taste
  D) preferences
  Show Answer
  The correct answer is A .
• Question 995: The system of measurement of national income as the sum of all final demands is called? Options:
  A) income approach
  B) expenditure approach
  C) value-added
  D) final demands approach
  Show Answer
  The correct answer is B .
• Question 996:

  Economists refer to private goods as

  Options:
  A) rivalrous and non-excludable
  B) rivalrous and excludable
  C) non rival and non- excludable
  D) non rival and excludable
  Show Answer
  The correct answer is B .
• Question 997:

  

  In the above diagram supply and demand conditions of sugar in a Nigerian market are given. An indirect tax of 10 kobo per kg is imposed it will be paid

  Options:
  A) wholly by the supplier
  B) wholly by the consumer
  C) partly by the supplier and partly by the consumer
  D) wholly by the middlemen
  E) partly by stockholder and partly by consumer
  Show Answer
  The correct answer is B .
• Question 998:

  The privatization of public enterprises will lead to efficient management of resources in the economy.

  This statement can best be described as

  Options:
  A) normative reasoning
  B) inductive reasoning
  C) deductive reasoning
  D) positive reasoning
  Show Answer
  The correct answer is B .
• Question 999: Excess supply over demand will place a price advantage on _____ Options:
  A) government
  B) foreign investors
  C) suppliers
  D) consumers
  Show Answer
  The correct answer is D .
• Question 1000: The economic goal of public utilities is to? Options:
  A) maximize profit
  B) expand assets
  C) minimize costs
  D) provide essential services
  E) pay higher dividends to shareholders
  Show Answer
  The correct answer is D .