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 501:

  Government uses all of the following ways to redistribute income, except

  Options:
  A) Market intervention
  B) Transfer earnings
  C) Limited liability
  D) Taxation
  Show Answer
  The correct answer is C .
• Question 502: 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 .
• Question 503: The demand curve of a perfect competitive market is infinitely elastic indicating that the firm can Options:
  A) refuse to sell any quantity
  B) sell any quantity of output at the prevailing price
  C) sell fixed quantity of output at the prevailing market price
  D) sell less quantity
  E) sell more quantity at a higher price
  Show Answer
  The correct answer is B .
• Question 504: Which of the following is the cheapest for the government in improving the welfare of its citizens? Options:
  A) Subsidy
  B) Income supplement
  C) Donation to specific projects
  D) Wages increase
  Show Answer
  The correct answer is C .
• Question 505: Monetary policy does NOT involve Options:
  A) increasing the import duties
  B) buying or selling treasury bills by the Central Bank
  C) printing of more currency note
  D) increasing or decreasing cash reserve ratio by the Central Bank
  E) raising the level of interest
  Show Answer
  The correct answer is A .
• Question 506: If high unemployment goes hand in hand with rising prices, the situation created is? Options:
  A) hyperinflation
  B) stagflation
  C) moderate inflation
  D) galloping inflation
  Show Answer
  The correct answer is B .
• Question 507: One of the factors that determine the supply of agricultural produce in Nigeria is Options:
  A) Price of substitutes
  B) Technological development
  C) Consumers choice
  D) Consumers income
  Show Answer
  The correct answer is D .
• Question 508: Given that FC = N500, VC = N1,500, and Q = 50 units. Find the average cost of the product. Options:
  A) N30
  B) N40
  C) N10
  D) N20
  Show Answer
  The correct answer is B .
• Question 509:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 510: Merchants banks perform all the following functions EXCEPT? Options:
  A) raising of capital for industry
  B) provision of current account facilities
  C) management of investment portfolios
  D) provision of credit for overseas trade
  Show Answer
  The correct answer is B .