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 1011:

  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 1012: The borrowing rights of a member country of the international Monetary Fund are determined by? Options:
  A) the seriousness of the country's economic problems
  B) its balance of payments position
  C) its quota to the fund
  D) the size of gold reserve
  Show Answer
  The correct answer is C .
• Question 1013:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 1014: When combination of two goods which a consumer derive equal satisfaction is plotted on a graph, the graph is known as Options:
  A) demand curve
  B) indifference curve
  C) opportunity curve
  D) utility curve
  E) supply curve
  Show Answer
  The correct answer is B .
• Question 1015: Which of the following is NOT a goal of modern budgets? Options:
  A) The control of inflation
  B) The reduction in income inequality
  C) The shift of all resources from the private to the public sector
  D) Economic development
  Show Answer
  The correct answer is C .
• Question 1016:

  An economy in which the whole income is not consumed is referred to as______

  Options:
  A) Frugal economy
  B) Spend thrift economy
  C) Capitalist economy
  D) Mixed economy
  Show Answer
  The correct answer is A .
• Question 1017:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 1018:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1019: The fixing of the price of an item above or below the equilibrium price is most likely to take place in a? Options:
  A) centrally planned economy
  B) free market economy
  C) developed economy
  D) mixed economy
  Show Answer
  The correct answer is A .
• Question 1020:

  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 .