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 1371:

  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 1372: A modern corporation is owned by? Options:
  A) debenture holders
  B) ordinary shareholders
  C) preference shareholders
  D) creditors
  Show Answer
  The correct answer is B .
• Question 1373: Localization of industry is encouraged because of ________ Options:
  A) low interest charges on loans
  B) improvements in infrastructure
  C) low foreign exchange rate
  D) high standard of living
  Show Answer
  The correct answer is D .
• Question 1374: The variance of a given set of numbers is defined as the Options:
  A) absolute value of the standard deviation
  B) square of the standard deviation
  C) square root of the standard deviation
  D) square of the mean deviation
  E) square root of the mean deviation
  Show Answer
  The correct answer is B .
• Question 1375: Macroeconomics is a study of economics science from the point of view of? Options:
  A) resource markets or production units
  B) individual producers or consumers
  C) aggregate or general economy
  D) companies or individual firms
  Show Answer
  The correct answer is C .
• Question 1376:

  If the price of commodity X rises and consumers shift to commodity Y, then commodities X and Y are

  Options:
  A) substitutes
  B) complements
  C) inferior goods
  D) bought together
  Show Answer
  The correct answer is A .
• Question 1377:

  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 1378: Which of the following is likely to reduce a surplus in the balance of payments of a country? Options:
  A) Devaluation
  B) Increased tariff on imports
  C) Export promotion
  D) Currency appreciation
  Show Answer
  The correct answer is D .
• Question 1379: Which of the folowing NOT among the objectives of OPEC? Options:
  A) to stabilize the revenue from oil to producing countries
  B) to stabilize the price of iol in the world market
  C) to make sure that oil flows to all the consuming countries
  D) to estabilished petroleum refineries in all member state
  E) to co-ordinate and harmonize the oil policies of member countries
  Show Answer
  The correct answer is B .
• Question 1380: Which of the following is NOT a factor to be considered in siting an industry in a particular area? Options:
  A) access to raw material
  B) availability of recreational facilities
  C) market
  D) sources of power
  E) transport facilities
  Show Answer
  The correct answer is B .