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 2081:

  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 2082: The use of tax and expenditure policy to regulate the economy is known as Options:
  A) deregulation
  B) fiscal policy
  C) monetary policy
  D) physical measures
  E) structural adjustment
  Show Answer
  The correct answer is B .
• Question 2083: The amount of money required for the day-to-day running of a business is known as Options:
  A) economics capital
  B) fixed capital
  C) paid- up capital
  D) reserve capital
  E) working capital
  Show Answer
  The correct answer is E .
• Question 2084: The range of the data 14,13,15,18,20,35 and 13 is Options:
  A) 20
  B) 22
  C) 13
  D) 18
  Show Answer
  The correct answer is B .
• Question 2085: A commodity will be demanded only if Options:
  A) consumers income increases
  B) it has no close substitutes
  C) the price is low
  D) it has utility
  Show Answer
  The correct answer is D .
• Question 2086: The ordinary partner in a partnership? Options:
  A) takes no active in the management of the business
  B) has limited liability in case of business failure
  C) has unlimited liability in case of business failure
  D) cannot be sued personally on matters relating to the business
  Show Answer
  The correct answer is C .
• Question 2087:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 2088: Find the total credit that the banking system can create if primary deposit is just N100.00 while the cash ratio is 20% Options:
  A) 700.00
  B) 600.00
  C) 500.00
  D) 400.00
  Show Answer
  The correct answer is C .
• Question 2089: Choice in economic life is necessitated by? Options:
  A) the need to construct scale of preference
  B) the opportunity cost of consumption
  C) unlimited wants
  D) scarcity of economic resources
  Show Answer
  The correct answer is D .
• Question 2090: Which of the following is not a form of business organization Options:
  A) A sole proprietorship
  B) Cartel
  C) Partnership
  D) Joint stock
  E) Cooperative society
  Show Answer
  The correct answer is B .