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 11: When a government owns enterprises, a number of advantage arise. Which of thefollowing is NOT one of such advantages? Options:
  A) More capital is provided
  B) Price policy may be the interest of consumers
  C) Government workers may be indifferents towards the public
  D) Infrasturcture are rapidly developed
  E) income may be more evenly distributed
  Show Answer
  The correct answer is C .
• Question 12:

  Fiduciary issue is that part of?

  Options:
  A) the issue of notes backed entirely by gold
  B) a country's currency that is not negotiable
  C) the issue of notes not backed by gold
  D) a country's currency officially issued
  Show Answer
  The correct answer is C .
• Question 13: Which of the following is an external economy derived by a firm? Options:
  A) Low cost opportunities enjoyed by being in a place where other producers concentrate
  B) Technical economics enjoyed by varying the factors of production
  C) Economics of management by putting administrators where the are most efficient
  D) marketing advantages attained through preferential treatment in the purchase and distribution of produce
  Show Answer
  The correct answer is A .
• Question 14:

  The price mechanism______

  Options:
  A) Rations the consumers
  B) Rewards the producers
  C) Regulates supply and demand
  D) Allocates scarce resources.
  Show Answer
  The correct answer is C .
• Question 15: Under the Nigerian Structural Adjustment Programme, the marketing of agricultural commodities in Nigeria has been placed under? Options:
  A) the marketing boards
  B) the commodity boards
  C) the river-basin authorities
  D) private investors and individuals
  Show Answer
  The correct answer is D .
• Question 16: The raising of funds by selling stocks to the public is called? Options:
  A) equity financing
  B) stock financing
  C) debt financing
  D) loan financing
  Show Answer
  The correct answer is A .
• Question 17: A major factor militating against rapid industrialization in Nigeria is Options:
  A) inadequate skilled manpower
  B) poor market facilities
  C) poor transport facilities
  D) epileptic power supply
  Show Answer
  The correct answer is D .
• Question 18:

  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 19:

  A market is in disequilibrium if

  Options:
  A) the quantity purchased is greater than quantity sold
  B) the quantity sold differs from the quantity purchased
  C) at a lower price, a large quantity is sold
  D) the quantity demanded differs from the quantity supplied
  Show Answer
  The correct answer is D .
• Question 20: The basic idea behind brand differentiation under an imperfect market arrangement is to? Options:
  A) stimulate demand for rival products
  B) create demand for the particular product
  C) enable the product penetrate the market
  D) enable the product to complete with others
  Show Answer
  The correct answer is B .