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 2151: If prices fall in a perfectly competitive industry, the firms in that industry in the short run will? Options:
  A) not decrease in number
  B) keep output at the same level but make losses
  C) reduce production
  D) intensity the advertisement of their products
  Show Answer
  The correct answer is C .
• Question 2152: The land tenure system in Nigeria impedes agricultural production because? Options:
  A) land fragmentation makes possible easy access to land ownership
  B) it discourages specialization of factors of production
  C) it limits opportunity for mass production of agricultral goods
  D) small land holders generally do not get enough fertilizer to use
  Show Answer
  The correct answer is C .
• Question 2153: The term 'oil shock' is used to describe a situation in which Options:
  A) the demand for oil exceeds its supply
  B) oil prices have fallen drastically
  C) the demand for oil is equal to ite supply
  D) the supply of oil exceeds its demand
  Show Answer
  The correct answer is B .
• Question 2154:

  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 2155: The main objective of WTO is to Options:
  A) help countries with chronic balance of payments problems
  B) help debtor nations solve their problems
  C) ensure adequate tariff protection for infant industries
  D) provide a mechanism for tariff reductions
  Show Answer
  The correct answer is D .
• Question 2156:

  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 .
• Question 2157: 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 2158: The basic principle of cooperative societies is to ________ Options:
  A) maintain the integrity of their members
  B) protect the interest and pursue the welfare of members
  C) ensure better working conditions for members
  D) provide voluntary services to the members
  Show Answer
  The correct answer is B .
• Question 2159: The major purpose of African Development Bank is to? Options:
  A) provide loans for trade development
  B) provide loans for infrastructural development
  C) provide loans for develpment banks in distress
  D) educate peasant farmers in new techniques
  Show Answer
  The correct answer is B .
• Question 2160: The main function of retailer in the distribution channel is Options:
  A) advertising the product on behalf of manufacturers
  B) bulk breaking
  C) branding and packaging of good
  D) direct customer services
  E) storage facilities for finished products
  Show Answer
  The correct answer is D .