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: 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 2333:

  Which of the following will cause an increase in cost of production?

  Options:
  A) Hyper-inflation
  B) Cost push inflation
  C) Structural inflation
  D) Demand pull inflation
  Show Answer
  The correct answer is B .
• Question 2334: Localization of industries refers to the? Options:
  A) tendency to concentrate industries in particular areas
  B) sitting of industries in certain areas
  C) deliberate policy of influencing location of industries generally
  D) zoning of industries
  Show Answer
  The correct answer is A .
• Question 2335:

  The Economic Commission for Africa was set up by the?

  Options:
  A) UNO
  B) ECOWAS
  C) OAU
  D) IMF
  Show Answer
  The correct answer is A .
• Question 2336: If the demand for one commodity excludes another, it is said to be Options:
  A) complementary demand
  B) competitive demand
  C) composite demand
  D) derived demand
  Show Answer
  The correct answer is B .
• Question 2337:

  Which of these is not usually the function of a wholesaler?

  Options:
  A) Branding
  B) Storage
  C) Transport
  D) Advertising
  Show Answer
  The correct answer is A .
• Question 2338: Tax incidence is the analysis of? Options:
  A) how progressive a tax is
  B) how a tax is collected
  C) hw distorting a tax is
  D) who ultimately pays the tax
  Show Answer
  The correct answer is D .
• Question 2339: Which of the following is NOT a cause of inflation? Options:
  A) excessive bank lending
  B) excessive deficit financing
  C) increase in domestics productivity
  D) increase in wages and salaries of workers
  E) increase in government expenditure
  Show Answer
  The correct answer is C .
• Question 2340: The rate of interest change on loans depends largely on Options:
  A) the prevailing exchange rate
  B) marginal efficiency of capital
  C) the risk associated with the loan
  D) the prevailing tax rate
  Show Answer
  The correct answer is C .