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 321: An increase in the discount rate is an indication of a central bank's intention to pursue? Options:
  A) an expansionary monetary policy
  B) a disciplined monetary policy
  C) a dynamic monetary policy
  D) a contractionary monetary policy
  Show Answer
  The correct answer is A .
• Question 322: To protect farmers during a bumper harvest,. the government usually Options:
  A) set a mximum price
  B) release products from the buffer stock
  C) sell the excess to consumers
  D) set a minimum price
  Show Answer
  The correct answer is D .
• Question 323: If a total cost curve is plotted, marginal cost can be illustrated by the? Options:
  A) slope of the tangent to the curve at any given output
  B) U-shaped curve cutting the total cost curve at its lowest point
  C) straight line from the origin to the mid-point of the curve
  D) straight line cutting the curve at its highest point
  Show Answer
  The correct answer is B .
• Question 324: Which of the following is NOT a feature of capitalism ? Options:
  A) detailed economics planning
  B) Free enterprise
  C) competition
  D) private ownership of property
  E) Entrepreneurs and the pursuit of profit
  Show Answer
  The correct answer is A .
• Question 325:

  The fundamental problem of economics is

  Options:
  A) Finding striking determinants between the forces of supply and demand
  B) The scarcity of productive resources relative to society's unlimited wants
  C) The establishment of a political framework to determine the what, how and for whom of production
  D) To establish an equitable distribution of income
  Show Answer
  The correct answer is B .
• Question 326: If the price Index of export is 140% and import is 200%, what is Options:
  A) 60
  B) 70
  C) 100
  D) 140
  E) 280
  Show Answer
  The correct answer is B .
• Question 327: Comparative advantage implies that a country will specialize in producing the commodity? Options:
  A) with the highest opprotunity cost
  B) for which output per worker is lower than in other countries
  C) with the lowest opportunity cost
  D) for which output per worker is the same with those of other countries
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  The correct answer is C .
• Question 328: The cost elasticity of supply is a useful instrument for measuring Options:
  A) profit
  B) productivity
  C) national income
  D) price index
  Show Answer
  The correct answer is B .
• Question 329: Which of the following is NOT a source of government revenue? Options:
  A) Taxes, Fees, licenses and fines
  B) Personal income, disposable income and transfer earnings
  C) Interest, dividends, profits and earnings
  D) Grants, aids and borrowing
  Show Answer
  The correct answer is B .
• Question 330: By buying treasury bills, the Central Bank of Nigeria intends to Options:
  A) increase money supply in the economy
  B) reduce the cash reserve ratio for banks
  C) reduce money supply in the economy
  D) increase the capital base of commercial banks
  Show Answer
  The correct answer is A .