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 1781: Which of the following statement does NOT describe a situation of perfect competition.? Options:
  A) The firm faces an infinitely elastic demand curve
  B) The firm makes no pure profit in the short run
  C) The price does not change with changes in the output level of the firm
  D) There is freedom of entry into, and exit out of the industry
  E) The firm can sell all it produces at the market price
  Show Answer
  The correct answer is B .
• Question 1782:

  A major function of the retailer is to

  Options:
  A) grant credit to the wholesaler
  B) break bulk and sell products in small units
  C) reduce cost of distribution
  D) generate demand for products through advertisement
  Show Answer
  The correct answer is B .
• Question 1783:

  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 1784:

  When a variable is associated with time period, it is_____________

  Options:
  A) circular
  B) a flow
  C) static
  D) a stock
  Show Answer
  The correct answer is A .
• Question 1785: In national income accounting, tax is determined by the Options:
  A) level of income
  B) level of consumption
  C) level of investment
  D) rate of savings
  Show Answer
  The correct answer is A .
• Question 1786: Environmental degradation is more associated with Options:
  A) localization of industries
  B) location of industries
  C) decreased urbanization
  D) urban-rural migration
  Show Answer
  The correct answer is A .
• Question 1787:

  Which of the following rewards is associated with entrepreneurship

  Options:
  A) salaries
  B) profits
  C) interest
  D) rent
  Show Answer
  The correct answer is B .
• Question 1788:

  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 .
• Question 1789: Which of the following is a direct tax? Options:
  A) Sales tax
  B) Purchase tax
  C) Export duties
  D) property tax
  Show Answer
  The correct answer is D .
• Question 1790: One of the major consequences of urban-biased development programmes in Nigeria is that they? Options:
  A) led o rapid rural-urban migration
  B) led to unprecedented urban wealth
  C) transformed rural areas into urban centres
  D) increased the level of specialized manpower inthe cities
  Show Answer
  The correct answer is A .