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 21:

  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 22:

  A baker bought flour and other ingredients for S250.00, spent S52.00 on distribution, sold the bread for S320.00. The value added by the baker.

  Options:
  A) $302.00
  B) $52.00
  C) $18.00
  D) $622.00
  Show Answer
  The correct answer is C .
• Question 23: pricing and output decisions of sellers are highly interdependent in markets known as? Options:
  A) oligopoly
  B) perfect competition
  C) monopoly
  D) monopolistic competition
  E) imperfect competititon
  Show Answer
  The correct answer is A .
• Question 24: In Nigeria, unemployment can be minimized through______? Options:
  A) Diversification of the economy
  B) Strict immigration law
  C) Paying unemployment benefits
  D) Restrictive fiscal policy
  Show Answer
  The correct answer is A .
• Question 25: The market structure in which there is interdependence of price-output policies is Options:
  A) a pure monopoly
  B) an oligopoly
  C) a pure competition
  D) a monopolistic competition
  Show Answer
  The correct answer is B .
• Question 26: An ad valorem tax is imposed on Options:
  A) special commodities
  B) exports
  C) imports
  D) the value of a commodity
  Show Answer
  The correct answer is D .
• Question 27:

  Collectivism refers to the management of state enterprises in a?

  Options:
  A) mixed economy
  B) co-operative organizations
  C) capitalist economic system
  D) socialist economy
  Show Answer
  The correct answer is D .
• Question 28:

  

  In the diagram, the supply curve So So shifts to a new position S₁ S₁ to indicate

  Options:
  A) a drop in supply
  B) a rise in supply
  C) a supply- push inflation
  D) a stable supply curve
  E) an increase in quantity supplied
  Show Answer
  The correct answer is B .
• Question 29: Which of the following reasons could induce a manufacturer to bypass the wholesaler in the distribution chain? Options:
  A) To provide the quantity needed by retailers
  B) To collect useful information on his product
  C) To provide warehousing facilities
  D) To violate government regulation on distribution
  Show Answer
  The correct answer is B .
• Question 30:

  One of the advantages of large - scale production is that

  Options:
  A) There is a rise in the cost of administration
  B) Consumers sacrifice their individual tastes
  C) The firm can use labour - saving machinery
  D) The demand for a firm's products become localized
  E) Decision making takes a long time because different levels of management are involved
  Show Answer
  The correct answer is C .