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 471:

  

  From the shaded area of the diagram above, an appropriate population policy will be to

  Options:
  A) encourage early marriages
  B) discourage immigration
  C) discourage polygamy
  D) encourage the use of contraceptives
  Show Answer
  The correct answer is A .
• Question 472: The suggestion that peasants in Africa have backward-bending supply curves of output implies that their response to an increase in the price of their crops will be to? Options:
  A) increase their output
  B) decrease their output
  C) keep their output constant
  D) hoard their output
  Show Answer
  The correct answer is A .
• Question 473: One of the techniques of monetary control used by the Central Bank of Nigeria is? Options:
  A) selective credit control
  B) budget deficit
  C) foreign exchange control
  D) monitoring the general price level
  Show Answer
  The correct answer is C .
• Question 474:

  The bank type responsible for the formulation of rules and regulations guiding the banking industry is known as?

  Options:
  A) Commercial bank
  B) Central bank
  C) Mortgage bank
  D) Merchant bank
  Show Answer
  The correct answer is B .
• Question 475:

  

  Demand is relatively inelastic

  Options:
  A) at P₂ range
  B) in the P₂ P ₄ price range
  C) at P₃ only
  D) at any price below P₂
  Show Answer
  The correct answer is A .
• Question 476: The Gross Domestic Product is defined as the total value of? Options:
  A) all final goods and services produced in a country during the year
  B) all assets of a country in a particular year
  C) exports net of total value of imports
  D) all receipts
  Show Answer
  The correct answer is A .
• Question 477:

  In perfectly elastic supply, the supply curve

  Options:
  A) is vertical
  B) is horizontal
  C) slopes upward
  D) slopes downward
  Show Answer
  The correct answer is B .
• Question 478:

  Identify one of the following which can NOT be used to close deflationary gap

  Options:
  A) Increased interest rate
  B) Increased money supply
  C) Increase government expenditure
  D) Reduction in taxes
  Show Answer
  The correct answer is A .
• Question 479:

  

  In this diagram, So So is the original supply curve while S₁ S₁ represent?

  Options:
  A) A movement along a give supply curve
  B) an increase in supply
  C) decrease in supply
  D) A perfect elastic supply curve
  E) An abnormal supply curve
  Show Answer
  The correct answer is C .
• Question 480:

  Which of the following is an advantage of localization of industry?

  Options:
  A) Development of subsidiary firms
  B) creation of parallel market
  C) development of slums
  D) attraction of foreign capital
  Show Answer
  The correct answer is A .