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 1151: Technical progress that leads to a reduction in costs results in? Options:
  A) an increase in equilibrium price and quantity
  B) a decrease in equilibrium price and quantity
  C) an increase in equilibrium price and decrease in equilibrium quantity
  D) a decrease in equilibrium price and increase in equilibrium quantity
  Show Answer
  The correct answer is D .
• Question 1152:

  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 1153: 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 1154:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 1155:

  Which of the following shows why individual demand curve for a good usually slopes downward from left to right?

  Options:
  A) More of commodities are offered for sale at a lower than higher prices
  B) Marginal utility falls as consumption increases
  C) The higher the price, the higher the quantity offered for sale
  D) Prices are usually falling when demand is low
  Show Answer
  The correct answer is A .
• Question 1156: Public ownership of productive factors is a feature of_______? Options:
  A) Socialism
  B) Capitalism
  C) Feudalism
  D) Mixed economy
  Show Answer
  The correct answer is A .
• Question 1157: The basic purpose of imposing legal reserve requirements on commercial bank is to? Options:
  A) assure the profitability of commercial banks
  B) provide a device through which credit creation by banks can be controlled
  C) provide a proper ratio between earning and non-earning bank assets
  D) provide the Central Bank with working capital
  Show Answer
  The correct answer is B .
• Question 1158: The process of building up country’s capacity to process raw materials for the production of goods is known as Options:
  A) firm
  B) industry
  C) industrialization
  D) location of industry
  E) localization
  Show Answer
  The correct answer is C .
• Question 1159:

  An increase in money income with constant price results in

  Options:
  A) Outward shift in the budget line
  B) Inward parallel shift in the budget line
  C) Options A and C
  D) Budget line remain constant
  Show Answer
  The correct answer is A .
• Question 1160:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .