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 2461: An important feature of a cartel is that? Options:
  A) members do not reduce price below the cartel price
  B) each member has a fixed output above which it is not expected to produce
  C) a powerful member fixes the price at which others will sell
  D) membes fix the prices for their products
  Show Answer
  The correct answer is B .
• Question 2462: Choice in economic life is necessitated by? Options:
  A) the need to construct scale of preference
  B) the opportunity cost of consumption
  C) unlimited wants
  D) scarcity of economic resources
  Show Answer
  The correct answer is D .
• Question 2463: Production in Economics can be defined as the Options:
  A) totality of producing, buying and consuming
  B) transformation of raw materials and services in order to provide ultimate utility
  C) transformation of raw materials and services in order to make maximum profit
  D) production of goods and services for consumption
  Show Answer
  The correct answer is D .
• Question 2464:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 2465: If an increase in income induces a reduction in the demand for beans, beans can be referred to as? Options:
  A) a normal good
  B) an inferior good
  C) a substitute good
  D) a giffen good
  Show Answer
  The correct answer is B .
• Question 2466: One of the important features of perfect competition is_____? Options:
  A) Adequate knowledge of existing prices
  B) The influence on prices by individual economic units
  C) The restriction in terms of movement of goods and services
  D) The administration of a centralized price system
  Show Answer
  The correct answer is A .
• Question 2467:

  	Share of gross national product (GNP)	Share of total employment	Growth rate of output
  All agriculture	40%	70%	3%
  Industry and mining	30%	10%	10%
  Trade andservices	30%	20%	5%

  What is the growth rate of GNP?

  Options:
  A) 18%
  B) 10%
  C) 6.7%
  D) 0.5%
  E) 4.1%3
  Show Answer
  The correct answer is A .
• Question 2468:

  

  In the pie chart below, the percentage for children is equivalent to

  Options:
  A) 288^o
  B) 720^o
  C) 90^o
  D) 144^o
  Show Answer
  The correct answer is D .
• Question 2469: In a free market economy, the rationing of scarce goods is done principally by Options:
  A) the government
  B) business organizations
  C) the price mechanism
  D) consumers
  E) both A and B
  Show Answer
  The correct answer is D .
• Question 2470: Output restriction, fixing of prices, creating obstacles to free entry into the market are features of? Options:
  A) pure monopoly
  B) perfect monopoly
  C) perfect competition
  D) monopsonist competition
  Show Answer
  The correct answer is A .