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 121: One of the reasons why Nigeria is a mono-economy is because of her _______ Options:
  A) huge volume of petroleum activities in the country
  B) diversification system of economic activities
  C) high demand for foreign commodities
  D) high rate of unemployment
  Show Answer
  The correct answer is A .
• Question 122:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 123:

  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 124:

  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 125:

  Industrialization is the process of___________

  Options:
  A) concentrating a firm in a place
  B) transforming as economy based on extractive to manufacturing
  C) transferring a government industry to individual
  D) transforming finished goods into semi-finished goods
  Show Answer
  The correct answer is B .
• Question 126:

  A consumer of a single commodity is in equilibrium when

  Options:
  A) he can equate his demand with price
  B) he equates marginal utility and price
  C) he can equate his marginal and total utilities
  D) his marginal utility is equal to zero
  Show Answer
  The correct answer is B .
• Question 127: The bowed shape of the Production possibilities curve illustrates _________ Options:
  A) that production is inefficient
  B) that demand is relatively inelastic
  C) that production is unattainable
  D) the law of increasing marginal cost
  Show Answer
  The correct answer is A .
• Question 128: The following are bye-products of crude oil EXCEPT Options:
  A) bitumen
  B) kerosene
  C) paraffin wax
  D) perfume
  E) petrol
  Show Answer
  The correct answer is D .
• Question 129:

  Among the disadvantages of the one-man business is the fact that______

  Options:
  A) its capital may not be increased without government permission
  B) the proprietor is personally liable for the firm's debts
  C) the proprietor is not able to obtain credit
  D) the proprietor may not sue for bad debts
  Show Answer
  The correct answer is B .
• Question 130: An economy in which both the public and private sectors contribute to economic growth is as Options:
  A) feudal economy
  B) capitalist economy
  C) socialist economy
  D) mixed economy
  Show Answer
  The correct answer is D .