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 391: Which of the following factors will NOT affect supply of maize in Nigeria? Options:
  A) Extension services to farmers
  B) Improve technology
  C) Price of maize
  D) Quantity of wheat produced
  E) Weather and climatic condition
  Show Answer
  The correct answer is D .
• Question 392:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 393: The ownership of a public limited liability company is made up of Options:
  A) two to twenty persons
  B) minimum of two and maximum of fifty
  C) minimum of seven and no maximum number
  D) owner owned by the government
  Show Answer
  The correct answer is C .
• Question 394:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 395: Tax which is levied on goods manufactured, sold or used within a country is? Options:
  A) sales tax
  B) excise tax
  C) direct tax
  D) income tax
  E) poll tax
  Show Answer
  The correct answer is B .
• Question 396: If the population of a school is 600 and 60% are In JSS, how many students are in SSS? Options:
  A) 204
  B) 224
  C) 240
  D) 244
  E) 248
  Show Answer
  The correct answer is C .
• Question 397: Which of the following is applicable in a wholly capitalist economy? Options:
  A) There is government intervention in price determination
  B) Consumer sovereignty does not exist
  C) The price mechanism allocates resources
  D) Households cannot freely decide what to spend on goods and services
  Show Answer
  The correct answer is C .
• Question 398:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 399: The following are problems of development planning in Nigeria EXCEPT Options:
  A) death of skilled manpower
  B) inadequate capital
  C) inadequate statistical data
  D) poor implementation of economic planning
  E) under-population
  Show Answer
  The correct answer is E .
• Question 400: An imperfect market in which there is only one buyer of a commodity is? Options:
  A) monopsony
  B) oligopoly
  C) monoploy
  D) duopoly
  Show Answer
  The correct answer is A .