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 2061: The main reason for the current programme of privatization and commercialization of public enterprises in Nigeria is to? Options:
  A) reduce public expenditure
  B) encourage efficiency in the performance of such enterprises
  C) reduce the number of public enterprises
  D) raise the prices of goods and services produced by the enterprises
  Show Answer
  The correct answer is B .
• Question 2062:

  Retailers in an economy perform the function of ______

  Options:
  A) Distribution.
  B) Exchange
  C) Investment
  D) Production
  Show Answer
  The correct answer is A .
• Question 2063:

  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 2064:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 2065: The income elasticity of demand of normal goods is Options:
  A) negative
  B) positive
  C) zero
  D) fixed
  Show Answer
  The correct answer is B .
• Question 2066: Export-promotion policy is primary concerned with the? Options:
  A) processing of raw materials to increase their value
  B) making of international routes safe for export commodity
  C) reduction in the number of imported items
  D) encourage of the production of export commodities
  Show Answer
  The correct answer is D .
• Question 2067: One of the factors affecting the supply of manufactured goods is Options:
  A) Weather
  B) Technology
  C) Consumer tastes
  D) Availability of inputs
  Show Answer
  The correct answer is B .
• Question 2068: How many National Development Plans did Nigeria have between 1960 and 1984? Options:
  A) One
  B) Two
  C) Four
  D) Five
  E) Six
  Show Answer
  The correct answer is C .
• Question 2069: A major effect of a long distribution chain is? Options:
  A) high retail prices
  B) scarcity of commodities
  C) low retail prices
  D) low producer earnings
  Show Answer
  The correct answer is B .
• Question 2070: In certain circumstances, a centrally planned economy adopts the rationing system because of? Options:
  A) the scarcity of goods and services in the market
  B) low real and money wages
  C) the need for equitable distribution of goods and services
  D) transportation and distribution problems
  Show Answer
  The correct answer is C .