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 901:

  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 902:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 903: If an economy grows at an annual rate of 5% of which 3% is deemed to be due to improvement in the productivity of labour and capital combined the remaining 2% is generally attributed to? Options:
  A) the size of population
  B) technical progress
  C) the environment
  D) the amount of natural resources
  Show Answer
  The correct answer is B .
• Question 904: The primary function of non-bank financial institutions is to Options:
  A) manage investment portfolios for government
  B) mobilize savings for investment
  C) grant loans to banks
  D) receive deposits from banks
  Show Answer
  The correct answer is B .
• Question 905: A distinguishing characteristic of consumer co-operative society is that the Options:
  A) the maximum number of shareholders is 20
  B) members are the owners
  C) members are the workers
  D) the minimum number of shareholders is 5
  Show Answer
  The correct answer is B .
• Question 906: One of the criticisms of the price mechanism is that Options:
  A) producers are sovereign
  B) it provides low degree of freedom
  C) it widens the inequitable gap
  D) consumers are sovereign
  Show Answer
  The correct answer is D .
• Question 907: A major objective of the Federal Government's initiative on cassava production in Nigeria is to Options:
  A) diversify the export base of the economy
  B) ensure the availability of cassava
  C) make cassava a staple food in the country
  D) provide raw materials for industries
  Show Answer
  The correct answer is A .
• Question 908: Business organization in which the owners' personal property may be forfeited in the event of bankruptcy are Options:
  A) partnerships and limited liability companies
  B) partnerships and sole proprietorships
  C) cooperatives and sole proprietorship
  D) corporation and sole proprietorship
  Show Answer
  The correct answer is B .
• Question 909:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 910:

  

  Demand is relatively inelastic

  Options:
  A) at P₂ range
  B) in the P₂ P ₄ price range
  C) at P₃ only
  D) at any price below P₂
  Show Answer
  The correct answer is A .