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 2811:

  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 2812: Wage freeze is a policy measure aimed at Options:
  A) encouraging investors
  B) curbing inflation
  C) regulating standard of living
  D) curbing deflation
  Show Answer
  The correct answer is B .
• Question 2813: The following are types of monopolies EXCEPT Options:
  A) cartels
  B) holding companies
  C) syndicates
  D) thrifts
  E) trusts
  Show Answer
  The correct answer is D .
• Question 2814:

  A major characteristic of natural resources isthey

  Options:
  A) are unlimited in supply
  B) have high cost of production
  C) are free gifts of nature
  D) do not command any price
  Show Answer
  The correct answer is C .
• Question 2815: ECOWAS will enable the countries involved to achieve Options:
  A) comparative political advantage over other countries not in the region
  B) a large market for their products
  C) military superiority over countries not in the region
  D) lower the transportation codt of goods wthin the region
  Show Answer
  The correct answer is B .
• Question 2816: The demand for factors of production is said to be Options:
  A) competitive
  B) complementary
  C) composite
  D) derived
  E) joint
  Show Answer
  The correct answer is D .
• Question 2817: One of the roles of industrialization in economic development of Nigeria is Options:
  A) employment generation
  B) environmental pollution
  C) target of enemy’s attack
  D) unemployment
  E) uneven development
  Show Answer
  The correct answer is A .
• Question 2818: When a nation’s exports are greater than its imports Options:
  A) The net foreign trade is zero
  B) an unfavourable balance of payment exist
  C) A favourable balance of payment exists
  D) An un favourable balance of trade exist
  E) A favourable balance of trade exists
  Show Answer
  The correct answer is E .
• Question 2819: The best channel of distribution of baked bread is through? Options:
  A) wholesalers to retailers then to consumers
  B) direct sales to consumers
  C) wholesalers to consumers
  D) retailers to consumers
  Show Answer
  The correct answer is B .
• Question 2820:

  A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________

  Options:
  A) Import monopoly
  B) Import licence
  C) Import quota
  D) Embargo
  Show Answer
  The correct answer is B .