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 661: Production is said to be completed when? Options:
  A) goods and services reach the consumers
  B) prices of goods and services are determined
  C) goods are sold to the wholesaler
  D) goods are packaged
  Show Answer
  The correct answer is A .
• Question 662:

  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 663:

  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 664:

  The relationship between tax rate and income which is relevant to a proportional tax is depicted by?

  Options:
  A) curve Z and Y
  B) curve X
  C) curve Z
  D) curve Y
  Show Answer
  The correct answer is C .
• Question 665: How many National Development Plans did Nigeria have between 1960 and 1984? Options:
  A) One
  B) Two
  C) Four
  D) Five
  E) Six
  Show Answer
  The correct answer is C .
• Question 666: An inflation that co-exists with high rate of unemployment is Options:
  A) hyperinflation
  B) stagflation
  C) demand-pull inflation
  D) cost-push inflation
  Show Answer
  The correct answer is A .
• Question 667:

  The most reliable and acceptable index of economic growth is the__________

  Options:
  A) Wholesale Price Index
  B) Consumer Price Index
  C) National Income
  D) Retailer's Price Index
  Show Answer
  The correct answer is C .
• Question 668: To enhance the competitiveness of domestic agricultural products, there is need to Options:
  A) ban the importation of a agricultural products
  B) increase the exportation of agricultural products
  C) improve the quality of domestic agricultural products
  D) increase the output of domestic agricultural products
  Show Answer
  The correct answer is C .
• Question 669: In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is? Options:
  A) N5,200
  B) N 4,760
  C) N4,670
  D) N2,080
  Show Answer
  The correct answer is C .
• Question 670: Which of the following is the correct order in the chain of distribution? Options:
  A) Consumer —> Distributor → Retailer → Producer
  B) Producer → Consumer → Retailer → Wholesaler
  C) Producer → Wholesaler → Retailer → Consumer
  D) Retailer → Consumer → Producer → Wholesaler
  E) Wholesaler → Retailer → Producer → Consume
  Show Answer
  The correct answer is C .