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 1521: A major advantage of specialization and division of labour is that? Options:
  A) time wastage will be minimized
  B) trade unions will be encouraged
  C) there will be a ready market for labour
  D) workers will be adequately rewarded
  Show Answer
  The correct answer is A .
• Question 1522:

  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 1523: Which of the following is NOT associated with minimum price legislation? Options:
  A) Black market
  B) Excess demand
  C) Excess supply
  D) Unattainable equilibrium
  E) Unemployment
  Show Answer
  The correct answer is B .
• Question 1524: The meaningof 'Dumping' is selling goods in a foreign market Options:
  A) at a low price that recieved in the home market
  B) at a price higher than that recieved in the foreign market
  C) at a price equal to the cost price in the home market
  D) in order to encourage indigenous producers
  E) at a price equal to the selling price in the home market
  Show Answer
  The correct answer is A .
• Question 1525:

  The business risks of a public corporation are borne ultimately________

  Options:
  A) by the government
  B) by the treasury
  C) by the rate payers
  D) by the tax payers
  Show Answer
  The correct answer is D .
• Question 1526: The active intervention of the central authorities in the management of a country's economy rest upon the? Options:
  A) failure of the market force to produce satisfactory result
  B) superiority of the centrally planned economy over the private enterprise economy
  C) result-oriented nature of the private enterprise economy
  D) cost-minimization strategy of a mixed economy
  Show Answer
  The correct answer is A .
• Question 1527: A major feature of capitalism is Options:
  A) collective ownership of means of production
  B) competition
  C) equality or egalitarianism
  D) redistribution of income
  E) socialization and welfare
  Show Answer
  The correct answer is B .
• Question 1528: An economic system in which the producer and the consumer are the same is referred to as a Options:
  A) mixed economy
  B) subsistence economy
  C) capitalist economy
  D) socialist economy
  Show Answer
  The correct answer is B .
• Question 1529: Balance of payments of a country explains the overall position of? Options:
  A) current account of the balance of payments
  B) capital account in the balance of payments
  C) both the current and capital acounts
  D) position of the balance of trade
  E) visible and invisible trade
  Show Answer
  The correct answer is C .
• Question 1530: For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is Options:
  A) equal to marginal cost
  B) greater than marginal cost
  C) greater than average total cost
  D) equal to marginal revenue
  E) equal to toal revenue
  Show Answer
  The correct answer is B .