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 2241:

  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 2242: The rate of exchange between a domestic and a foreign currency is defined as the? Options:
  A) terms of trade
  B) domestic currency price of a unit of the foreign currency
  C) foreign currency price of gold
  D) domestic currency price of gold
  Show Answer
  The correct answer is B .
• Question 2243:

  An increase in nominal income without increase in price will result to

  Options:
  A) increased real income
  B) increased GDP
  C) decreased real income
  D) decreased GNP
  Show Answer
  The correct answer is A .
• Question 2244:

  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 2245: Localization of industry is encouraged because of ________ Options:
  A) low interest charges on loans
  B) improvements in infrastructure
  C) low foreign exchange rate
  D) high standard of living
  Show Answer
  The correct answer is D .
• Question 2246: The price mechanism is more effective in achieving efficient performance of the economy than the planning mechanism because of the? Options:
  A) role of supply and demand
  B) role of material incentive
  C) existence of buyers and sellers
  D) role of money
  Show Answer
  The correct answer is A .
• Question 2247:

  A supply curve slopes upwards from the left to the right indicating__________

  Options:
  A) a negative slope
  B) a positive slope
  C) a backward sloping supply curve
  D) short-run supply curve
  Show Answer
  The correct answer is B .
• Question 2248: The shares that must be redeemed first at liquidation of a company are? Options:
  A) preference shares
  B) non-voting ordinary shares
  C) ordinary shares
  D) debentures
  Show Answer
  The correct answer is A .
• Question 2249: The economic goal of public utilities is to? Options:
  A) maximize profit
  B) expand assets
  C) minimize costs
  D) provide essential services
  E) pay higher dividends to shareholders
  Show Answer
  The correct answer is D .
• Question 2250: Which of the following is an external economy derived by a firm? Options:
  A) Low cost opportunities enjoyed by being in a place where other producers concentrate
  B) Technical economics enjoyed by varying the factors of production
  C) Economics of management by putting administrators where the are most efficient
  D) marketing advantages attained through preferential treatment in the purchase and distribution of produce
  Show Answer
  The correct answer is A .