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 451: The following are the objectives of agricultural policies in Nigeria EXCEPT Options:
  A) provision of food
  B) provision of agricultural raw materials to industrial sectors
  C) increasing prices of agricultural Inputs
  D) creation of rural employment
  Show Answer
  The correct answer is C .
• Question 452: Population growth is determined by_______? Options:
  A) Dependency ratio
  B) Labour force
  C) Per capita
  D) Net migration
  Show Answer
  The correct answer is D .
• Question 453: In Nigeria, efficiency in public corporations can be achieved through Options:
  A) public offer
  B) indigenization
  C) privatization
  D) nationalization
  Show Answer
  The correct answer is C .
• Question 454: One of the major advantages of specialization is that? Options:
  A) the worker becomes a tenderer of machines
  B) it causes more employment of labour
  C) less machinery is required for production
  D) the worker wastes less time between operations
  Show Answer
  The correct answer is D .
• Question 455: The control price for a carton of beer in Nigeria is N7.20. But a carton of beer is sold in parts of the country for as much N15.00 The cause of this exorbitant price is that? Options:
  A) there is a Government ban on the importation of beer
  B) beer distributors want more profit
  C) Nigeria is a large country
  D) middlemen hoard beer
  E) the demand for beer exceeds the supply
  Show Answer
  The correct answer is E .
• Question 456: A tax that takes an increasing fraction of income as income goes down is called? Options:
  A) conditional
  B) regressive
  C) progressive
  D) proportional
  Show Answer
  The correct answer is B .
• Question 457:

  A major disadvantage of localization of industry is

  Options:
  A) the risk of structural unemployment
  B) over-utilization of installed industrial capacity
  C) the risk of seasonal unemployment
  D) under-utilization of installed industrial capacity
  Show Answer
  The correct answer is A .
• Question 458: Product differentiation in monopolistic competition implies that Options:
  A) different buyers pay different prices for the same product
  B) different products are sold to the same buyer
  C) sellers determine whom to sell their products to
  D) the same product is available in different forms
  Show Answer
  The correct answer is D .
• Question 459: The following are type of business organization EXCEPT Options:
  A) co-operative society
  B) Entrepreneurship
  C) partnership
  D) public corporation
  E) Sole proprietorship
  Show Answer
  The correct answer is A .
• Question 460: 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 .