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 1361: The following are the objectives of agricultural policies in Nigeria EXCEPT Options:
  A) provision of food
  B) provision of agricultural raw materials to industrial sectors
  C) increasing prices of agricultural Inputs
  D) creation of rural employment
  Show Answer
  The correct answer is C .
• Question 1362: 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 1363: Optimum population enables an economy to attain the highest level of Options:
  A) Industrial development
  B) Income per head
  C) Revenue generation
  D) Economic development
  Show Answer
  The correct answer is B .
• Question 1364:

  The privatization exercise in Nigeria is a move towards a____________

  Options:
  A) command economy
  B) mixed economy
  C) subsistence economy
  D) market economy
  Show Answer
  The correct answer is D .
• Question 1365: The source of all economic problems arises from Options:
  A) wants
  B) Scarcity
  C) Opportunity Cost
  D) Scale of Preference
  Show Answer
  The correct answer is B .
• Question 1366:

  In the case of highly or close complementary goods, the indifference curve is_______

  Options:
  A) A straight line
  B) A right-angled
  C) L - shaped
  D) Curvature
  Show Answer
  The correct answer is D .
• Question 1367: The transfer to public shareholding corporations to private enterprises is Options:
  A) concession
  B) incorporation
  C) commercialization
  D) privatization
  Show Answer
  The correct answer is D .
• Question 1368: If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is Options:
  A) 0.80
  B) 1.25
  C) 2.00
  D) 10.00
  Show Answer
  The correct answer is B .
• Question 1369: An economy in which decision of what to produce is taken partly by private individuals and state is referred to as Economy. Options:
  A) capitalist
  B) communist
  C) mixed
  D) socialist
  E) welfarist
  Show Answer
  The correct answer is C .
• Question 1370: The practice of selling goods overseas and often below the cost of production is known as Options:
  A) retailing
  B) dumping
  C) internal trade
  D) advertising
  Show Answer
  The correct answer is B .