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 761: One of the characteristics of an imperfect market is? Options:
  A) a large number of buyers and sellers
  B) a lack of homogeneity of products
  C) an adequate awareness of market conditions by buyers and sellers
  D) the availability of substitutes
  Show Answer
  The correct answer is B .
• Question 762:

  If workers at the school canteen cannot sell during the holidays, this is example of

  Options:
  A) structural unemployment
  B) frictional unemployment
  C) seasonal unemployment
  D) residual unemployment
  Show Answer
  The correct answer is C .
• Question 763: The record of a country's transactions in international trade is her Options:
  A) capital account
  B) balance of payments
  C) current account
  D) balance of trade
  Show Answer
  The correct answer is B .
• Question 764: Economics is regarded as a social science because it? Options:
  A) adopts the scientific method in production
  B) is an agent of socialization
  C) adopts the scientific method in the study of human behaviour
  D) adopts the scientific method with social problems
  Show Answer
  The correct answer is C .
• Question 765: A system in which the means of production is held in trust for the people by government is known as a? Options:
  A) socialist economy
  B) capitalist economy
  C) subsistence economy
  D) mixed economy
  Show Answer
  The correct answer is A .
• Question 766: A firm is said to be a public joint-stock company when it Options:
  A) has unlimited liability
  B) is administered by the public
  C) is owned by the government
  D) operates as a public corporation
  E) sells its shares to members of the public
  Show Answer
  The correct answer is E .
• Question 767:

  The principle that specified that the amount, when and how to pay tax should be made known to tax payer is known as

  Options:
  A) Principle of economy
  B) Principle of convenience
  C) Principle of simplicity
  D) Principle of certainty
  Show Answer
  The correct answer is D .
• Question 768:

  

  The diagram above shows the effect of

  Options:
  A) excess demand over supply at q₃
  B) excess supply over demand at q₂
  C) minimum price legislation at P₂
  D) maximum price legislation at P₂
  Show Answer
  The correct answer is A .
• Question 769: An increasein liquid reserve requirements by the central bank of Nigeria will result in Options:
  A) a reduction in commercial banks' excess reserves
  B) more commercial bank loan to members of the public
  C) an increase in commercial banks excess reserves
  D) no change in commercial banks excess reserves
  E) a reduction in central banks gold reserves
  Show Answer
  The correct answer is C .
• Question 770: One of the function of united nation conference on trade and development (UNTAD) is to Options:
  A) carry out feasibility study for projects in less developed countries
  B) increase impact of developed countries over less developed countries
  C) increase share of less developed countries in world trade
  D) make goods available in developed countries
  E) transfer technology from developed to less developed countries
  Show Answer
  The correct answer is C .