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 1571:

  Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of ________

  Options:
  A) 100 days
  B) 30 days
  C) 90 days
  D) 14 days
  Show Answer
  The correct answer is C .
• Question 1572:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1573:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 1574:

  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 1575: A major characteristic of a mixed economy is that Options:
  A) economic decisions are made by both the rich and the poor
  B) both primary and secondary production are undertaken
  C) the federal and the state governments undertaken joint projects
  D) economic activities are undertaken by both the public and private sectors
  Show Answer
  The correct answer is D .
• Question 1576: Which of the following alternatives will NOT assist in checking the population growth in West Africa countries? Options:
  A) Immigration
  B) Brith control measures, e.g. use of contraceptives
  C) Late marriage
  D) Creating more educational opportunities for women
  E) Sex education
  Show Answer
  The correct answer is A .
• Question 1577: The sharp increase in the prices of most goods and services during the last quarter of 1994 in Nigeria were mainly due to? Options:
  A) ban on importation of foreign goods
  B) population upsurge
  C) the introduction of value-added tax
  D) increase in transport costs
  Show Answer
  The correct answer is C .
• Question 1578: In which of the following economic systems do we have the means of production and exchange controlled by private individuals Options:
  A) socialist system
  B) mixed system
  C) capitalist system
  D) traditional system
  Show Answer
  The correct answer is C .
• Question 1579: In a centrally planned economy, the economic problem of deciding what to produce is dependent on? Options:
  A) average profit
  B) state command
  C) average cost
  D) relative prices
  Show Answer
  The correct answer is C .
• Question 1580: A country achieves economic development when there is Options:
  A) an increase in military expenditure
  B) an increase in capacity utilization
  C) a sustained increase in per capital income
  D) an even distribution of goods and services
  Show Answer
  The correct answer is C .