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 231: Agricultural backward-linkage effect means the establishment of Options:
  A) subsidiary industries to increase the number of industries
  B) main industries to increase output
  C) industries to reduce imports
  D) subsidiary industries to feed the main industry
  Show Answer
  The correct answer is D .
• Question 232: The Nigeria Bank for Commerce and Industry is? Options:
  A) a commercial Bank
  B) a developmment bank
  C) an industrial bank
  D) a merchant bank
  Show Answer
  The correct answer is B .
• Question 233:

  

  From the table above, Calculate the price elasticity of supply

  Options:
  A) 0.50
  B) 0.80
  C) 2.00
  D) 1.25
  Show Answer
  The correct answer is B .
• Question 234:

  When of the following matters may account for changes in supply?

   

  I - technological advances in an industry

  II - changes in labour costs

  III - changes in source of supply

  IV - changes in levels of taxation

  Options:
  A) I, II
  B) I, III
  C) II, III, IV
  D) I, II, III, IV
  Show Answer
  The correct answer is D .
• Question 235: 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 236: Elasticity demand is an effective tool in the hands of a producer in that it enables him? Options:
  A) raise his profit and lower his costs
  B) discourage buyers from cheating
  C) determine what he will produce
  D) set his price to maximize his profit
  Show Answer
  The correct answer is D .
• Question 237: High dependency ratio is influenced by Options:
  A) high infant mortality rate
  B) the level of income
  C) high birth rate
  D) inadequate medical care for children
  Show Answer
  The correct answer is C .
• Question 238: Which of the following assets of the commercial bank does not yield revenue? Options:
  A) Money in the tills of the bank
  B) money at call
  C) Treasury certificates
  D) Treasury bills
  E) Bills of exchange
  Show Answer
  The correct answer is A .
• Question 239: Which of the following is inflationary? Options:
  A) An increase in taxation
  B) An increase in savings
  C) A decrease in money supply
  D) An increase in government expenditure
  Show Answer
  The correct answer is D .
• Question 240:

  Which of the following sets fully represents factors of production?

  Options:
  A) Sunlight, machinery, man, land
  B) Land, water, weather
  C) Money, market, middlemen
  D) Land, labour, capital, enterprise, technology
  Show Answer
  The correct answer is D .