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 1891: Stocking small quantities of a variety of goods is a function of the? Options:
  A) manufacturer
  B) wholesaler
  C) retailer
  D) consumer
  Show Answer
  The correct answer is C .
• Question 1892:

  Which of the following is an invisible item?

  Options:
  A) Petroleum services
  B) Processed rice
  C) Processed milk
  D) Banking services
  Show Answer
  The correct answer is D .
• Question 1893: In Nigeria, efficiency in public corporations can be achieved through Options:
  A) public offer
  B) indigenization
  C) privatization
  D) nationalization
  Show Answer
  The correct answer is C .
• Question 1894: Which type of business organization has the attribute effectively combining management with control? Options:
  A) sole proprietorship
  B) Partnership
  C) Limited liability company
  D) Co-operatives
  Show Answer
  The correct answer is A .
• Question 1895: Insurance companies invest mainly in instruments trade on the? Options:
  A) capital market
  B) Money market
  C) commodity market
  D) open market
  Show Answer
  The correct answer is A .
• Question 1896:

  A rise in the supply of a commodity cause__________

  Options:
  A) an increase in the equilibrium price and decrease in the equilibrium quantity bought and sold
  B) an increase in both equilibrium
  C) a decrease in the equilibrium price and an increase in the equilibrium quantity bought and sold
  D) a decrease in both equilibrium
  Show Answer
  The correct answer is C .
• Question 1897:

  The demand curve facing the monopolist in the foreign market is__________

  Options:
  A) Elastic
  B) Inelastic
  C) Perfectly elastic
  D) Unitary
  Show Answer
  The correct answer is C .
• Question 1898: Let P _x represent the price of exports and P_m the price of imports. Then the terms of trade (TOT) are said to be favourable if Options:
  A) $\frac{Px}{Pm}$
  B) $\frac{Px}{Pm}$=1
  C) $\frac{Px}{Pm}$>1
  D) $\frac{Px}{Pm}$+1
  Show Answer
  The correct answer is C .
• Question 1899: The liability of the sole trader is? Options:
  A) indeterminable
  B) unlimited
  C) transferable
  D) limited
  Show Answer
  The correct answer is B .
• Question 1900:

  Oligopoly means _________

  Options:
  A) single buyer in the market.
  B) few buyers in the market.
  C) few sellers in the market
  D) many sellers in the market
  Show Answer
  The correct answer is C .