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 791: In the study of Economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are? Options:
  A) profitable to the production process
  B) purchased for the purpose of production
  C) combined in the production process
  D) provided adequately for the production process
  E) brought into the factory
  Show Answer
  The correct answer is C .
• Question 792: A major factor militating against rapid industrialization in Nigeria is Options:
  A) inadequate skilled manpower
  B) poor market facilities
  C) poor transport facilities
  D) epileptic power supply
  Show Answer
  The correct answer is D .
• Question 793:

  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 794: Which of these should determine, in a planned economy how the factor of production are to be allocated among different production activities Options:
  A) Fairness
  B) The distribution of income and wealth
  C) Public need which is determined by the government
  D) Private needs determined by the market
  E) The ability of individual to make profit
  Show Answer
  The correct answer is C .
• Question 795:

  

  If income rises from N200.00 to N250.00 and the amount spent on good X fails from N30.00 to N28.00, then good X is

  Options:
  A) an income elastic good
  B) a normal good
  C) an inferior good
  D) demand elastic
  E) supply elastic
  Show Answer
  The correct answer is C .
• Question 796: Balance of payment deficit in Nigeria CANNOT be solved by Options:
  A) importing more goods and services
  B) devaluation of the currency
  C) imposing import duties
  D) imposing import bans on some commodities
  Show Answer
  The correct answer is A .
• Question 797: A firm owned and managed by a family is an example of ______? Options:
  A) joint stock exchange
  B) cooperative society
  C) sole proprietorship
  D) partnership
  Show Answer
  The correct answer is D .
• Question 798: The per capita income is calculated as Options:
  A) GNP- working age population
  B) GNP- real national income
  C) GNP- total capital expenditure
  D) GNP- dependency ratio
  E) GNP- population
  Show Answer
  The correct answer is E .
• Question 799:

  The determination of price by bargaining between buyers and sellers is________

  Options:
  A) Sales by Auction
  B) Tender
  C) Higgling and Haggling
  D) Price Control
  Show Answer
  The correct answer is C .
• Question 800: External economies are Options:
  A) The advantage accuring to a firm as a result of its expansion
  B) The advantages accuring to one firm as a result of the existence of other firms in the same locality
  C) Benefits derived by a firm as a result of its own individual policy
  D) Reaped only by agricultural firms
  E) Bound to increase the costs of production whatever the circumstances
  Show Answer
  The correct answer is B .