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 491:

  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 492:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 493: Gresham's law in Economics shows that? Options:
  A) good drives out bad money
  B) bad money drives out good money
  C) the value of money varies inversely with the price level
  D) gold must be available to maintain the price of paper money
  Show Answer
  The correct answer is B .
• Question 494:

  

  Applying the law of comparative costs, how many units of groundnuts will Nigeria produce?

  Options:
  A) 7000 units
  B) 16000 units
  C) 9000 units
  D) 8000 units
  Show Answer
  The correct answer is D .
• Question 495: Which of these factors causes a change in the quantity demanded of a commodity? Options:
  A) Income
  B) Population
  C) Price of other commodities
  D) Price of the commodity concerned
  E) Taste and fashion
  Show Answer
  The correct answer is D .
• Question 496: Inflation is likely to benefit? Options:
  A) persons with bank savings
  B) persons employed in financial houses
  C) debtors
  D) persons who lived on fixed pension funds
  E) creditors
  Show Answer
  The correct answer is C .
• Question 497: Bondholders are treated more favorably than shareholders because Options:
  A) They are not liable for the companies losses
  B) They greater voice in the electing board of the directors
  C) They control the management
  D) They have a prior claim on the companies assets
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 498: For purely competitive industry, a fundamental requirement of the demand curve faced by individual firms is that it should be? Options:
  A) downward sloping and price inelastic
  B) perfectly price elastic
  C) downward sloping but price inelastic
  D) perfectly price inelastic
  Show Answer
  The correct answer is B .
• Question 499:

  An economy in which both the public and private sectors contribute to economic growth is a__________?

  Options:
  A) socialist economy
  B) feudal economy
  C) mixed economy
  D) capitalist economy
  Show Answer
  The correct answer is C .
• Question 500: The most acceptable economic measure for trade protection is to? Options:
  A) improve standards of living
  B) protect infant industries
  C) safegard strategic industries
  D) promote foreign trade
  Show Answer
  The correct answer is B .