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 2331:

  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 2332: The professional that view cost in term of alternatives sacrificed is the Options:
  A) accountant
  B) cashier
  C) economist
  D) manager
  E) tax collector
  Show Answer
  The correct answer is C .
• Question 2333: 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 2334: Transfer payment are Options:
  A) transfer earnings
  B) money transferred from one country to another
  C) unearned income
  D) payment transferred from one account to another
  Show Answer
  The correct answer is C .
• Question 2335: The ultimate aim of agricultural policies in Nigeria is to achieve Options:
  A) food sufficiency
  B) industrialization
  C) full employment
  D) industrial capacity utilization
  Show Answer
  The correct answer is A .
• Question 2336:

  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 2337: Which financial institution is charged with the formulation of monetary polices in Nigeria? Options:
  A) The Central Bank of Nigeria
  B) The Nigeria Deposit Insurance Corporation
  C) The Abuja Commodity Exchange
  D) The Lagos Stock Exchange
  Show Answer
  The correct answer is A .
• Question 2338: Life insurance companies contribute to economic development by holding a part of their assets in Options:
  A) Long-term financial instruments
  B) Equipment
  C) Cash and near money
  D) Money-market instruments
  Show Answer
  The correct answer is A .
• Question 2339:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 2340: A major effect of a long distribution chain is? Options:
  A) high retail prices
  B) scarcity of commodities
  C) low retail prices
  D) low producer earnings
  Show Answer
  The correct answer is B .