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 condition in which official and autonomous exchange rate coexist is

  Options:
  A) dual exchange rate system
  B) managed floating rate system
  C) market determined exchange rate system
  D) multiple exchange rate system
  Show Answer
  The correct answer is A .
• Question 492: A policy aimed at enhancing globalization of the Nigerian economy is Options:
  A) indigenization
  B) dereglation
  C) commercialization
  D) privatization
  Show Answer
  The correct answer is D .
• Question 493: In capitalist economies, questions about what to produce are ultimately answered by Options:
  A) income level of households
  B) available technical skills in the economy
  C) output decisions of firms
  D) holding decision of households
  Show Answer
  The correct answer is C .
• Question 494: One of the major consequences of urban-biased development programmes in Nigeria is that they? Options:
  A) led o rapid rural-urban migration
  B) led to unprecedented urban wealth
  C) transformed rural areas into urban centres
  D) increased the level of specialized manpower inthe cities
  Show Answer
  The correct answer is A .
• Question 495: If the short-run cost curve of a firm is U-shaped, the marginal and average cost are equal where the Options:
  A) average variable cost is minimum
  B) marginal cost is falling
  C) average cost is minimum
  D) average fixed cost is falling
  Show Answer
  The correct answer is C .
• Question 496: An industry's supply curve is more likely to be elastic when firms are Options:
  A) enjoying free entry and exit
  B) operating at full capacity
  C) operating below capacity
  D) maximizing profits
  Show Answer
  The correct answer is A .
• Question 497:

  Mono production economies are those that____

  Options:
  A) Produce one main commodities
  B) Have a rich cultural heritage.
  C) Specialize in agricultural industries.
  D) Produce only raw materials.
  Show Answer
  The correct answer is A .
• Question 498:

  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 499:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 500:

  An economic problem arises when________

  Options:
  A) Sellers are few
  B) Scarcity and choices are involved
  C) Buyers are many
  D) Money is in short supply
  Show Answer
  The correct answer is B .