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 2261: A major disadvantage of a socialist economy is that Options:
  A) corruption is rampant
  B) consumer's sovereignty is lost
  C) income inequality is entrenched
  D) there is high level of unemployment
  Show Answer
  The correct answer is A .
• Question 2262: The main function of NNPC is to Options:
  A) oversee the development of the oil sector
  B) develop the oil producing area
  C) fix the price of products
  D) ensure regular supply of products
  Show Answer
  The correct answer is A .
• Question 2263: The organization whose aim is to solve the trade problems of less developed nations is Options:
  A) UNCTAD
  B) OECD
  C) UNECA
  D) WTO
  Show Answer
  The correct answer is A .
• Question 2264: Economic goods are termed scarce goods when they are? Options:
  A) not available in sufficient quantities to satisfy all wants for them
  B) not produced in sufficient quantities to satisfy the effefctive demand for them
  C) of high quality
  D) of primary importance in satisfying the needs of a society
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  The correct answer is A .
• Question 2265: Price leadership is? Options:
  A) a form of tacit collusion
  B) used to explain price rigidity
  C) illegal in nigeria
  D) a form of overt collusion
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  The correct answer is A .
• Question 2266:

  What happens when the central bank increases the bank rate in an economy

  Options:
  A) borrowing is discouraged
  B) customers increase their borrowing
  C) banks can increase their lending
  D) money supply increases
  Show Answer
  The correct answer is A .
• Question 2267: The fixing of the price of an item above or below the equilibrium price is most likely to take place in a? Options:
  A) centrally planned economy
  B) free market economy
  C) developed economy
  D) mixed economy
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  The correct answer is A .
• Question 2268: 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
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  The correct answer is B .
• Question 2269:

  Economics is a social science concerned with the proper use and______

  Options:
  A) production of goods and services
  B) distribution of wealth
  C) allocation of resources for growth
  D) creation of utility
  Show Answer
  The correct answer is C .
• Question 2270: The combination of two commodities each yielding the same level of satisfaction to the consumer is Options:
  A) consumer surplus
  B) indifference curve
  C) budget constant
  D) goods of necessity
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  The correct answer is B .