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: A major assumption in a perfectly competitive market is that Options:
  A) the number of buyers and sellers is small
  B) individuals cannot influence prices
  C) the quality of products remains the same
  D) prices will always remain constant
  Show Answer
  The correct answer is B .
• Question 22:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 23:

  The 2nd National Development plan in Nigeria was between

  Options:
  A) 1962 - 1968
  B) 1970 - 1974
  C) 1975 - 1980
  D) 1980 - 1985
  E) 1985 - 1990
  Show Answer
  The correct answer is B .
• Question 24: The advantages that accrue to a firm as the size of the firm increases are known as Options:
  A) external diseconomies
  B) internal returns to scale
  C) internal economies
  D) internal diseconomies
  E) constant returns to scale
  Show Answer
  The correct answer is C .
• Question 25:

  Import duty and tariffs is an instrument used for international trade restriction and so is __________?

  Options:
  A) Preferential duties
  B) Preferential treatment
  C) Entreport
  D) Trade license
  Show Answer
  The correct answer is A .
• Question 26: Market is defined as? Options:
  A) one geographical location where people meet to buy and sell
  B) the demand and supply of goods and services
  C) a group of people whose sole interest is to make profit
  D) any organizational framework which links the buyers and sellers of a good and service
  Show Answer
  The correct answer is D .
• Question 27: In a demand curve, the relationship between price and quantity is? Options:
  A) indeterminate
  B) direct
  C) nil
  D) inverse
  Show Answer
  The correct answer is C .
• Question 28: The capital market provides business firms with the avenue to Options:
  A) lease capital equipment
  B) obtain long-term funds
  C) obtain short-term funds
  D) purchase capital equipment
  Show Answer
  The correct answer is B .
• Question 29:

  Commercial bank reserves at the Central Bank____________

  Options:
  A) advancing trade, prospects
  B) controlling credit and money supply
  C) reducing bank frauds
  D) discouraging banking operations
  Show Answer
  The correct answer is A .
• Question 30: The major factor that causes fluctuations in the supply of agricultural produce is? Options:
  A) high price
  B) pests
  C) weather variations
  D) rural-urban migration
  Show Answer
  The correct answer is C .