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 611: Pure monopoly describes market where Options:
  A) there are many sellers and a few buyers
  B) goods are sold at different price
  C) entry is not blocked, but no one cares to enter
  D) a few sellers and one buyer exist
  E) None of the above
  Show Answer
  The correct answer is E .
• Question 612:

  Which of the following is not a direct tax?

  Options:
  A) capital gains tax
  B) purchase tax
  C) personal income tax
  D) capital tax
  Show Answer
  The correct answer is B .
• Question 613: The quality of labour force in Nigeria can be improved by Options:
  A) establishing more tertiary institutions
  B) creating sufficient job opportunities
  C) encouraging the study of science and technology
  D) establishing more skills acquisition centres
  Show Answer
  The correct answer is D .
• Question 614:

  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 615:

  

  In the diagram above, profit is maximized at the output level

  Options:
  A) ON
  B) OK
  C) OL
  D) OF
  Show Answer
  The correct answer is C .
• Question 616: The active population of a country determines the size of its Options:
  A) economic resources
  B) national income
  C) labour force
  D) gross domestic product
  Show Answer
  The correct answer is C .
• Question 617: One form of business organization which is not motivated solely by the profit objective is the? Options:
  A) joint stock company
  B) private limited company
  C) co-operative society
  D) ordinary partnership
  Show Answer
  The correct answer is C .
• Question 618:

  A demand which gives rise to the reverse of the law of demand is__________

  Options:
  A) Derived demand
  B) Joint demand
  C) Abnormal demand
  D) Composite demand
  Show Answer
  The correct answer is C .
• Question 619:

  

  In the circular flow of income above, the direction of flow ofpayments for consumption purchases is shown by the arrow

  Options:
  A) K
  B) L
  C) M
  D) N
  Show Answer
  The correct answer is A .
• Question 620: By balance of visible trade we mean? Options:
  A) import and export of goods
  B) import and export of service
  C) balance of current account in the balance of payment
  D) balance of capital account in the baalance of payment
  E) all of this
  Show Answer
  The correct answer is A .