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 1381: When a generalization is made based on observed facts, it is known as? Options:
  A) deductive reasoning
  B) inductive reasoning
  C) theoretical reasoning
  D) normative reasoning
  Show Answer
  The correct answer is B .
• Question 1382:

  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 1383: An imperfectly competitive market is one where? Options:
  A) a large number of firms sell homogenous products
  B) input and output prices are unaffected
  C) each firm faces aa horizontal demand curve
  D) each firm maximize profit by selecting an output level at
  E) commodities are differentiated
  Show Answer
  The correct answer is E .
• Question 1384: The following are type of business organization EXCEPT Options:
  A) co-operative society
  B) Entrepreneurship
  C) partnership
  D) public corporation
  E) Sole proprietorship
  Show Answer
  The correct answer is A .
• Question 1385:

  

  Elasticity of demand is an effective tool in the hand of a producer in that it enables him

  Options:
  A) rise his profits and lower his, costs
  B) discourage buyers from cheating
  C) determine what he will produce
  D) set his price to maximize his profit
  Show Answer
  The correct answer is A .
• Question 1386: The movement of goods and services from the producers to the consumers is referred to as Options:
  A) external trade
  B) the distribution chain
  C) the circular flow
  D) consumption
  Show Answer
  The correct answer is B .
• Question 1387:

  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 1388: One of the problems facing the Nigerian oil and gas industry is____________________? Options:
  A) Over-capacity utilization
  B) The discovery of alternative oil sources
  C) Shortage of indigenous manpower
  D) The excess supply of petroleum products
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  The correct answer is C .
• Question 1389: Ajanka, a medical student entitled to an annual allowance of N6,000, decides to leave the university to take up a job where he earns N7,000 per annum. By this singular act, the national income level will? Options:
  A) increase by N1,000
  B) decrease by N 7,000
  C) increase by N7,000
  D) increase by N 13,000
  Show Answer
  The correct answer is C .
• Question 1390: Frictional unemployment? Options:
  A) is total unemployment minus structural unemployment
  B) occurs when the unemployed are persons with specific training
  C) occurs when the number of job seekers exceeds the number of vacancies
  D) occurs when people are changing jobs
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  The correct answer is D .