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 361: Differentiated product is the characteristic feature of? Options:
  A) perfect competition
  B) pure competition
  C) monopolistic competition
  D) monopoly
  E) oligopoly
  Show Answer
  The correct answer is C .
• Question 362: A production possibility curve shows? Options:
  A) how much of the resources of society are used to produce a particular commodity
  B) the rate of inflation
  C) the rate of unemployment in the economy
  D) the various combinations of two commodities that can be produced
  Show Answer
  The correct answer is D .
• Question 363:

  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 364: Occupational mobility as applied to factors of production means the ease by which Options:
  A) factors can be transferred from one form of use to another
  B) resources can be transferred from one place to another
  C) resources can be transformed from one form to another
  D) factors can be transferred from one place to another
  Show Answer
  The correct answer is A .
• Question 365: 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 .
• Question 366:

  In a country with large population of full-time house wives, national income

  Options:
  A) will be composed of goods produced by women
  B) figures will be grossly over-stated
  C) statistics will be difficult to calculate
  D) figures will be grossly under-estimated
  Show Answer
  The correct answer is B .
• Question 367: When the government fix the price of essential commodities, this is referred to as: Options:
  A) Price equilibrium
  B) Price control
  C) Demanded price
  D) Asking price
  Show Answer
  The correct answer is B .
• Question 368:

  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 369:

  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 370:

  An Instrument used by the central bank to fix commercial and merchant banks total credit to domestic economy is________

  Options:
  A) monetary policy
  B) fiscal policy
  C) credit ceiling
  D) open market operation
  Show Answer
  The correct answer is C .