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 1471:

  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 1472: Foreign investment can be attracted to Nigeria through Options:
  A) a review of the tax policy
  B) a review of interest rates
  C) the revaluation of the naira
  D) a review of the naturalization policy
  Show Answer
  The correct answer is A .
• Question 1473: Business organization in which the owners' personal property may be forfeited in the event of bankruptcy are Options:
  A) partnerships and limited liability companies
  B) partnerships and sole proprietorships
  C) cooperatives and sole proprietorship
  D) corporation and sole proprietorship
  Show Answer
  The correct answer is B .
• Question 1474: The financial institution known as a building society is Options:
  A) commercial bank
  B) central bank
  C) mortgage bank
  D) development bank
  Show Answer
  The correct answer is C .
• Question 1475:

  When a nation's exports are greater than its imports,_________

  Options:
  A) The net foreign trade is zero
  B) A favourable balance of trade exists
  C) A favourable balance of payment exists
  D) An unfavourable balance of trade exists
  Show Answer
  The correct answer is B .
• Question 1476: 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 1477: If demand increases without a change in supply, equilibrium price and quantity will Options:
  A) remain unchanged
  B) shift inward
  C) fall
  D) rise
  Show Answer
  The correct answer is D .
• Question 1478: Fiscal policy is the government's plan to control aggregate demand by manipulating Options:
  A) the demand and supply of money
  B) revenue and expenditure
  C) tastes and preferences of consumers
  D) the structure of production and employment
  Show Answer
  The correct answer is B .
• Question 1479: The modal value of 3, 8, 4, 6, 3, 5, 2, 7, 3 and 5 is Options:
  A) 6
  B) 3
  C) 4
  D) 5
  Show Answer
  The correct answer is B .
• Question 1480:

  Economics is often described as a science because it

  Options:
  A) employs the use of laboratory experiments
  B) use scientific methods to explain observed phenomena
  C) make use of controlled experiments
  D) engages accurate predication of human beings
  Show Answer
  The correct answer is B .