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 2191:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 2192:

  An economic condition in which much reduced economic activity co-exists with inflation is referred to as__________

  Options:
  A) stagflation
  B) inflationary spiral
  C) slump inflation
  D) inflationary gap
  Show Answer
  The correct answer is C .
• Question 2193:

  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 .
• Question 2194:

  If a demand curve that intersects a perfectly inelastic supply curve shift is rightward, then____________

  Options:
  A) only the quantity will increase
  B) The prices will remain constant
  C) the equilibrium price and quantity will increase
  D) only the price will increase
  Show Answer
  The correct answer is C .
• Question 2195:

  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 2196: Taxes and government expenditures are instrument of? Options:
  A) monetary policy
  B) tax policy
  C) economic policy
  D) fiscal policy
  Show Answer
  The correct answer is D .
• Question 2197: A bank is said to be distressed when it? Options:
  A) is unable to deal with the Central Bank
  B) has a low level of capital base
  C) has low level of deposits
  D) experiences serious liquidity crisis
  Show Answer
  The correct answer is D .
• Question 2198: In the long run, a firm in a perfectly competitive market will make? Options:
  A) normal profit
  B) adnormal profit
  C) marginal profit
  D) no profit
  Show Answer
  The correct answer is A .
• Question 2199: A major shortcoming of the sole proprietorship form of business is lack of? Options:
  A) working capital
  B) patronage
  C) continuity
  D) market
  Show Answer
  The correct answer is C .
• Question 2200: Which is NOT a cause of high population growth in Nigeria? Options:
  A) Family planing Unit of Nigeria
  B) Improve medical facilities
  C) Reduction in death rate
  D) Improve hygiene
  E) Increased birth rate
  Show Answer
  The correct answer is A .