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 61: The main function of retailer in the distribution channel is Options:
  A) advertising the product on behalf of manufacturers
  B) bulk breaking
  C) branding and packaging of good
  D) direct customer services
  E) storage facilities for finished products
  Show Answer
  The correct answer is D .
• Question 62:

  A typical corporate form of business organization is owned by ______

  Options:
  A) Shareholders
  B) A local government
  C) The president of a country
  D) Foreigners and citizens of the country.
  Show Answer
  The correct answer is A .
• Question 63:

  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 64: The population theory that is concerned with the cases of over population and shortage of food production is ______ Options:
  A) population density
  B) Malthusian population theory
  C) national population theory
  D) demographical transition theory
  Show Answer
  The correct answer is B .
• Question 65:

  When a union is composed of workers with the same skill , it is called____________

  Options:
  A) An industrial union
  B) A workers union
  C) A craft union
  D) A technical union
  Show Answer
  The correct answer is C .
• Question 66:

  Age range in years	% ofpopulation
  	1960	1990
  50 and above	35	38
  18 - 59	40	42

  Population Statistics of a Country.

  The dependency ratio between 1960 and 1990 is

  Options:
  A) increased by 5%
  B) increased by 2%
  C) decrease by 2%
  D) decrease by 5%
  Show Answer
  The correct answer is C .
• Question 67:

  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 68: In order to accelerate economic development, a country must? Options:
  A) stimulate her population growth rate
  B) pursue a high population growth rate
  C) pursue a rational population policy
  D) pursue an incremental population policy
  Show Answer
  The correct answer is C .
• Question 69:

  Given that Y = C + 1, where C = 50 + 0.75 and 1 = N45m, what is the equilibrium level of income?

  Options:
  A) N20m
  B) N380m
  C) N200m
  D) N180m
  Show Answer
  The correct answer is B .
• Question 70: the Central Bank's expansionary monetary policy is justified at a period? Options:
  A) when the inflation rate is high and the economic is experiencing a boom
  B) of economic depression accompanied by low capacity utilization
  C) when trade unions are clamouring for higher wages
  D) when price of crude petroleum is rising
  Show Answer
  The correct answer is B .