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 2261:

  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 2262:

  $\begin{array}{cc}\text{Population(Million)}& \text{Food Production(Milion tonnes)}\\ 50& 220\\ 70& 210\\ 90& 225\\ 100& 275\end{array}$

  In the data above, what is the optimum population in million?

  Options:
  A) 50
  B) 70
  C) 90
  D) 100
  Show Answer
  The correct answer is A .
• Question 2263: Disguised unemployment Options:
  A) exist when manpower is not being utilized efficiently
  B) calls for the implementation of five plans
  C) can be eliminated if the press is free
  D) can be eliminated if the capital output ratio is increased
  E) is a statistical artifact with no economic meaning
  Show Answer
  The correct answer is A .
• Question 2264: Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age? Options:
  A) money is regarded as a medium of exchange
  B) measure for value
  C) unit of account
  D) store of value
  E) standard for deferred payments
  Show Answer
  The correct answer is D .
• Question 2265: When a nation is experiencing balance of payment surplus, it is in a better position to? Options:
  A) increase its foreign exchange reserves
  B) increase its liabilities to foreigners
  C) reduce its foreign exchange reserves
  D) devalue its national currency
  Show Answer
  The correct answer is A .
• Question 2266:

  A country's budget allocation to various sectors of the economy is shown in the pie chart.

  What is the ratio of expenditure of health to Agriculture?

  Options:
  A) 2:3
  B) 3:4
  C) 4:3
  D) 5:4
  Show Answer
  The correct answer is B .
• Question 2267:

  Public corporation is financed with

  Options:
  A) Capital raised from shareholders
  B) Tax payer's money
  C) Capital raised from stock exchange
  D) Capital contributed by owners
  Show Answer
  The correct answer is B .
• Question 2268:

  Scarcity in economics means?

  Options:
  A) human wants are limitless
  B) the economy has very few resources
  C) the economy can scarcely produce anything
  D) resources are limited in relation to wants
  Show Answer
  The correct answer is D .
• Question 2269: A monopolist can boost up his revenue by Options:
  A) adjusting both price and output upward
  B) reducing total output to match price
  C) increasing price
  D) reducing price
  Show Answer
  The correct answer is B .
• Question 2270: A commodity is described as inferior when the Options:
  A) income effect is negative
  B) income effect is positive
  C) substitution effect is negative
  D) substitution effect is positive
  Show Answer
  The correct answer is A .