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 851: A major disadvantage of a socialist economy is that Options:
  A) corruption is rampant
  B) consumer's sovereignty is lost
  C) income inequality is entrenched
  D) there is high level of unemployment
  Show Answer
  The correct answer is A .
• Question 852: Price leadership is? Options:
  A) a form of tacit collusion
  B) used to explain price rigidity
  C) illegal in nigeria
  D) a form of overt collusion
  Show Answer
  The correct answer is A .
• Question 853:

  Money could be defined as

  Options:
  A) Options A, B and C
  B) Medium of exchange
  C) Settlement of debt
  D) Medium of payment
  Show Answer
  The correct answer is A .
• Question 854:

  

  How many student took the examination?

  Options:
  A) 280
  B) 240
  C) 200
  D) 80
  Show Answer
  The correct answer is A .
• Question 855:

  The transfer of public share holding in corporations to private enterprise is___________?

  Options:
  A) Incorporation
  B) Concession
  C) Privatization
  D) Commercialization
  Show Answer
  The correct answer is C .
• Question 856: If the demand curve facing a firm is sharply downward-sloping, the firm is likely to be Options:
  A) a monopolistic competitor as it can have a limited influence on price
  B) a monopolist as it can have a great influence on price
  C) a perfect competitor as it cannot influence the market price
  D) an oligopolist as it can collude with other firms to have some influence on price
  Show Answer
  The correct answer is B .
• Question 857: Which of the following enterprises does NOT pursue the sole objective of profit maximization? Options:
  A) Roads of Nigeria Ltd
  B) Union Bank of Nigeria Ltd
  C) Nigeria Electric Power Authority
  D) Volkswagen (VW) Nigeria Ltd
  E) Kingsway Nigeria Ltd
  Show Answer
  The correct answer is C .
• Question 858: The merging of firms engage in different stages of production and marketing is called? Options:
  A) external economies of scale
  B) vertical intergration
  C) horizontal intergration
  D) economic unoin
  Show Answer
  The correct answer is B .
• Question 859: Which of the following institutions does not operate in the money market? Options:
  A) central bank
  B) mortgage banks
  C) money deposit banks
  D) insurance companies
  Show Answer
  The correct answer is B .
• Question 860: To facilitate the exportation of crude oil from Nigeria, special? Options:
  A) airstrips were constructed for jets to evacute the oil
  B) roads were built to connect the major oil wells to the ports
  C) pipelines were laid to connect the major oil wellsto the ports
  D) railway lines were constructed to connect the major oil wells to the ports
  Show Answer
  The correct answer is C .