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 1161:

  The short run can be defined as the period of time during which

  Options:
  A) All inputs are fixed
  B) At least one of the firm's input is fixed
  C) At least two inputs are fixed
  D) All inputs are variable
  Show Answer
  The correct answer is B .
• Question 1162:

  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 1163:

  

  From this diagram, the minimum wage OW will lead to

  Options:
  A) full employment of resources
  B) unemployment
  C) inflation
  D) full employment of factors of production
  Show Answer
  The correct answer is D .
• Question 1164: In the normal channels of distribution the breaking of bulk is performed by the Options:
  A) producer
  B) wholesaler
  C) retailer
  D) consumer
  Show Answer
  The correct answer is B .
• Question 1165: Agriculture plays a dominant role in West Africa economics because Options:
  A) the green Revolution in Nigeria is agriculture
  B) it supplies all the foodstuff consumed in West Africa
  C) there are large plantation of cocoa, groundnut and palm oil in West Africa
  D) it is the main source of revenue in Nigeria
  E) it employs more than 50% of the total labour force in West Africa
  Show Answer
  The correct answer is E .
• Question 1166:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 1167:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 1168: Which of the following can cause oil glut in the International market? Options:
  A) Excess demand over supply
  B) Under- capacity utilization
  C) Excess supply over demand
  D) Economic boom
  Show Answer
  The correct answer is C .
• Question 1169: Warehousing facilities in the distribution and marketing of products are provided by? Options:
  A) manufacturers
  B) wholesalers
  C) retailers
  D) consumers
  E) sellers
  Show Answer
  The correct answer is B .
• Question 1170: Public expenditure on services, such as education and health, is known as expenditure on Options:
  A) general services
  B) community services
  C) social services
  D) economic services
  E) administrative services
  Show Answer
  The correct answer is C .