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 551:

  A supply curve parallel to the X-axis indicates

  Options:
  A) fairly elastic supply
  B) infinitely elastic supply
  C) fairly inelastic supply
  D) perfectly inelastic supply
  Show Answer
  The correct answer is B .
• Question 552: 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 553: Which of the following reasons could induce a manufacturer to bypass the wholesaler in the distribution chain? Options:
  A) To provide the quantity needed by retailers
  B) To collect useful information on his product
  C) To provide warehousing facilities
  D) To violate government regulation on distribution
  Show Answer
  The correct answer is B .
• Question 554: If y represents the income earned by workers in a factory, find the range of their income which satisfies the following inequality: 4Y - 300 > 500. Options:
  A) y > 300
  B) y > 250
  C) y > 200
  D) y > 150
  Show Answer
  The correct answer is C .
• Question 555: A huge national debt is an indication that the gold reserves of a nation has Options:
  A) appreciated
  B) decreased
  C) depreciated
  D) stagnated
  Show Answer
  The correct answer is D .
• Question 556:

  The 2nd National Development plan in Nigeria was between

  Options:
  A) 1962 - 1968
  B) 1970 - 1974
  C) 1975 - 1980
  D) 1980 - 1985
  E) 1985 - 1990
  Show Answer
  The correct answer is B .
• Question 557:

  The rate of output per worker (or group of workers) per unit time is called

  Options:
  A) labour productivity
  B) total output
  C) individual output
  D) workdone
  Show Answer
  The correct answer is C .
• Question 558:

  If the Central Bank increases its bank rate

  Options:
  A) many banks will shut down their operations
  B) customers will borrow more from banks
  C) the supply of money may be reduced
  D) interest charges by banks will fall
  Show Answer
  The correct answer is C .
• Question 559: Which of the following can be considered as being outside the objectives of public finance? Options:
  A) The allocation of resources to various sectors of the economy
  B) The objective of even distribution of income and wealth
  C) The achievement of economic stability
  D) The deregulation of the economy
  Show Answer
  The correct answer is D .
• Question 560: An increase in both the legal reserve ratio and discount rate has the effect of? Options:
  A) increasing the quantity of money in circulation
  B) decreasing the quantity of money in circulation
  C) increasing the value of money
  D) decreasing the value of money
  Show Answer
  The correct answer is B .