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 1131: Which of the following is NOT an internal dis-economy of scales? Options:
  A) Easy management and less administrative cost
  B) large firm suffers from bureaucracy or red tapism
  C) less personal relationship between management and employees
  D) Motivation may be lacking in the large firm
  E) slow response to changes
  Show Answer
  The correct answer is A .
• Question 1132:

  Poverty simply refers to the low level of________

  Options:
  A) planning
  B) per capita income
  C) rich people
  D) labour face
  Show Answer
  The correct answer is B .
• Question 1133:

  A situation in which a commodity is sold abroad below its cost of production in the home country is known as?

  Options:
  A) dumping
  B) counter trade
  C) bilateral trade
  D) trade liberalization
  Show Answer
  The correct answer is A .
• Question 1134: Completely competitive market exist when each member is a — Options:
  A) price maker
  B) price taker
  C) price seeker
  D) a and b
  Show Answer
  The correct answer is B .
• Question 1135: Which of the following goods are NOT examples of joint supply? Options:
  A) Beef and hides
  B) fuel and kerosene
  C) Palm oil and kernel
  D) Tea and coffee
  E) Wool and Mutton
  Show Answer
  The correct answer is D .
• Question 1136: Economic goods are termed scarce goods when they are? Options:
  A) not available in sufficient quantities to satisfy all wants for them
  B) not produced in sufficient quantities to satisfy the effefctive demand for them
  C) of high quality
  D) of primary importance in satisfying the needs of a society
  Show Answer
  The correct answer is A .
• Question 1137: One of the major causes of farmers' unstable income in Nigeria is _________ Options:
  A) the effect of diseases and pests
  B) industrial pollution
  C) mining and extraction activities
  D) population growth
  Show Answer
  The correct answer is A .
• Question 1138: A public liability company is run on a daily basis by Options:
  A) the chief executive
  B) the shareholders
  C) the board of directors
  D) financial consultants
  Show Answer
  The correct answer is C .
• Question 1139:

  Which of the following are the major disadvantage of direct system of taxation?i, Disincentive of hard work

  Ii,Difficulties in assessment and collection

  Iii, imperfection in tax assessment.

  Options:
  A) i and ii
  B) i and iii
  C) ii and iii
  D) i, ii and iii
  Show Answer
  The correct answer is C .
• Question 1140: Which of the following is NOT a feature of underdevelopment? Options:
  A) Low per capita income
  B) Vicious circle of poverty
  C) Low level of industrialization
  D) Greater dependence on primary production
  E) High per capita income
  Show Answer
  The correct answer is E .