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: In the national income and product accounts, double counting is avoided if? Options:
  A) only final goods counted
  B) only intermediate goods are counted
  C) only intermediate and final goods are counted
  D) the value of all goods and services are added together
  Show Answer
  The correct answer is A .
• Question 1382:

  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 1383:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 1384:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 1385: Central bank of Nigerian started operation Options:
  A) 1958
  B) 1959
  C) 1960
  D) 1963
  E) 1973
  Show Answer
  The correct answer is B .
• Question 1386: The equilibrium wage in an economy is determined by the? Options:
  A) public service
  B) worker's union
  C) rate of inflation
  D) supply and demand for labour
  Show Answer
  The correct answer is D .
• Question 1387: An example of an expansionary fiscal policy action is Options:
  A) decrease in the corporate profit tax rates
  B) decrease in welfare payments
  C) purchase of government securities
  D) decrease in the bank rate
  Show Answer
  The correct answer is A .
• Question 1388:

  A major disadvantage of localization of industry is

  Options:
  A) the risk of structural unemployment
  B) over-utilization of installed industrial capacity
  C) the risk of seasonal unemployment
  D) under-utilization of installed industrial capacity
  Show Answer
  The correct answer is A .
• Question 1389: Which of the following is an external economy derived by a firm? Options:
  A) Low cost opportunities enjoyed by being in a place where other producers concentrate
  B) Technical economics enjoyed by varying the factors of production
  C) Economics of management by putting administrators where the are most efficient
  D) marketing advantages attained through preferential treatment in the purchase and distribution of produce
  Show Answer
  The correct answer is A .
• Question 1390:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .