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 141: What effect would a change in price of a commodity have on its supply? Options:
  A) An increase in supply
  B) No change in supply
  C) A decrease in supply
  D) A change in the quantity supplied
  Show Answer
  The correct answer is D .
• Question 142:

  If the Central Bank increases its bank rate

  Options:
  A) many banks will shut down their operations
  B) customers will borrow more from banks
  C) the supply of money may be reduced
  D) interest charges by banks will fall
  Show Answer
  The correct answer is C .
• Question 143: The difference between the Gross Domestic Product and the Gross National Product is? Options:
  A) allowance for total depreciation
  B) total interest payments
  C) total tax and interest payments
  D) net income from aboard
  Show Answer
  The correct answer is D .
• Question 144: The ability of commercial banks to create money depends on the Options:
  A) reserve ratio
  B) liquidity ratio
  C) interest rate
  D) capital base
  Show Answer
  The correct answer is A .
• Question 145: If the price elasticity of demand for a good is 0.43, an increase in the price of the good will result in? Options:
  A) an increase in profit by 43%
  B) a net gain
  C) a decrease in profit 43%
  D) a net loss
  Show Answer
  The correct answer is B .
• Question 146: The Basic Needs Approach to development is Options:
  A) poverty alleviation
  B) provision of educational infrastructure
  C) provision of health services
  D) improvement in workers income
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  The correct answer is A .
• Question 147: Nigeria's exports usually comprise Options:
  A) consumer goods
  B) capital goods
  C) intermediate goods
  D) primary goods
  Show Answer
  The correct answer is D .
• Question 148: In international trade, a country specializes in the production of a commodity or group of commodities for which it has? Options:
  A) a buoyant market
  B) plenty of raw materials
  C) the greatest relative advantage
  D) executive manpower
  Show Answer
  The correct answer is C .
• Question 149: In commercial banking, an account from which the customer cannot withdraw money instantly is a? Options:
  A) demand deposit account
  B) time deposit account
  C) special deposit account
  D) savings deposit account
  Show Answer
  The correct answer is B .
• Question 150: In order to add value to Nigeria agricultural produce, there is need to Options:
  A) cultivate high breed crops
  B) process them into finished goods
  C) adopt modern storage methods
  D) advertise them in European markets
  Show Answer
  The correct answer is D .