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 2211: The concept of privatization presupposes? Options:
  A) efficiency
  B) marketing trade
  C) indigenization
  D) foreign trade
  Show Answer
  The correct answer is A .
• Question 2212: One of the problems arising from the localization of industries is? Options:
  A) high prices of output
  B) the exportation of output
  C) the scarcity of foreign exchange
  D) structural unemployment
  Show Answer
  The correct answer is D .
• Question 2213:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 2214: Collectivism refers to the system of management of state enterprises in a? Options:
  A) mixed economy
  B) co-operative organization
  C) capitalist economic system
  D) socialist economy
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  The correct answer is D .
• Question 2215: Short-run period in production is a period too short for a firm to be able to change its Options:
  A) scale of operation
  B) total revenue
  C) total outputs
  D) variable inputs
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  The correct answer is A .
• Question 2216: It is impossible to satisfy all human wants because? Options:
  A) areas of fertile land are very limited
  B) oceans and seas limit land space for farming
  C) resources are not equitably distributed
  D) available resources are limited
  Show Answer
  The correct answer is D .
• Question 2217: In order to increase its profit margin, the monopolist can manipulate Options:
  A) both price and output
  B) either price or output
  C) only its price
  D) only its output
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  The correct answer is B .
• Question 2218: The degree of specialization is limited by the Options:
  A) avalibility of specialized skills and machinery
  B) marginal cost exceeding marginal revenue
  C) extent of the market
  D) disadvantage of standardization
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  The correct answer is A .
• Question 2219:

  

  The firm whose sales and total revenue of the commodity as given in the table is

  Options:
  A) a monopolist
  B) a monopolistic competitor
  C) an oligopolist
  D) a perfect competitor
  Show Answer
  The correct answer is D .
• Question 2220:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
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  The correct answer is A .