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 2091: Two goods, X and Y, are said to be complementary when? Options:
  A) A fall in the price of X raises the demand for Y
  B) A fall in the price of X causes a fall in the demand for Y
  C) A fall in the price of X does not affect the demand for Y
  D) A rise in the price of X does not affect the demand for Y
  E) The two goods are competitive.
  Show Answer
  The correct answer is A .
• Question 2092: Pure monopoly describes market where Options:
  A) there are many sellers and a few buyers
  B) goods are sold at different price
  C) entry is not blocked, but no one cares to enter
  D) a few sellers and one buyer exist
  E) None of the above
  Show Answer
  The correct answer is E .
• Question 2093: The stock exchange market is where? Options:
  A) businessmen borrow some capital
  B) the federal government trades on treasury bills
  C) existing bonds and stocks are traded
  D) new stocks and shares are bought or sold
  Show Answer
  The correct answer is C .
• Question 2094: Musa has a choice of buying a shirt, a book and a bag. What is the opportunity cost of buying a book? Options:
  A) A bag only
  B) A book and a bag
  C) A shirit and a bag
  D) A shirit only
  Show Answer
  The correct answer is C .
• Question 2095: Price mechanism determines the prices of commodities through Options:
  A) auctioning
  B) market forces
  C) the sales of treasury bills
  D) government legislation
  Show Answer
  The correct answer is B .
• Question 2096: Utility is the satisfaction derived from the Options:
  A) distribution of goods and services
  B) use of goods and services
  C) demand of goods and services
  D) production of goods and services
  Show Answer
  The correct answer is B .
• Question 2097: NEPA as a public corporation is? Options:
  A) a power generating industry in Nigeria
  B) organized in a perfect competitive market
  C) a duopoly
  D) a monopolistically competitive industry
  E) a monopoly
  Show Answer
  The correct answer is E .
• Question 2098: the type of business finance that entitle the holder to a fixed rate of dividend is? Options:
  A) perferred stock
  B) common stock
  C) debenture stock
  D) bank loan
  Show Answer
  The correct answer is A .
• Question 2099: Which of the following is a disadvantage of sole proprietorship? Options:
  A) Does not enjoy limited liability
  B) Decisions are easily made and implemented
  C) Easy to set up
  D) Enjoys secrecy
  E) Maintains dose relationship with workers and customers
  Show Answer
  The correct answer is A .
• Question 2100:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .