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 631: The movement of goods and services from the producers to the consumers is referred to as Options:
  A) external trade
  B) the distribution chain
  C) the circular flow
  D) consumption
  Show Answer
  The correct answer is B .
• Question 632: The consumer-goods industry is predominant in the industrial sector of the Nigerian economy because of the? Options:
  A) availability of market and most of the raw materials required
  B) availability of the necessary machinery required
  C) experience of Nigerian producers
  D) relatively lower cost of production of such goods
  Show Answer
  The correct answer is A .
• Question 633: A downward sloping demand curve intersect a fixed supply curve, A shift of this demand curve to the right implies that? Options:
  A) both price and quantity will increased
  B) only price increases
  C) only quantity increases
  D) the price remains constant
  E) the price falls
  Show Answer
  The correct answer is A .
• Question 634: The ultimate objective of Economics is to? Options:
  A) make effort to understand how the Economy works
  B) make the best use of scarce resources
  C) organize production at the lowest cost
  D) decide under what circumstances the government should intervene inthe economy
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  The correct answer is B .
• Question 635: Infant industries are Options:
  A) a baby food and a baby clothing factories
  B) those which are introducing new products
  C) cases of arrested development
  D) industries temporarily protected by tariff barriers until mature enough to compete on world markets
  E) industries that are allowed to remain permanent cases of adolescence
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  The correct answer is D .
• Question 636: In Nigeria, unemployment can be minimized through______? Options:
  A) Diversification of the economy
  B) Strict immigration law
  C) Paying unemployment benefits
  D) Restrictive fiscal policy
  Show Answer
  The correct answer is A .
• Question 637: According to the theory of comparative advantage specialization will result in Options:
  A) labour-intensive method of production
  B) capital-intensive method of production
  C) efficient allocation of resources
  D) efficient distribution of output
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  The correct answer is C .
• Question 638: The speculative demand for money is inversely related to the Options:
  A) interest rate
  B) level of income
  C) exchange rate
  D) inflation rate
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  The correct answer is A .
• Question 639:

  The diagram below represents a production function. At which of the points does diminishing returns set in __________

  Options:
  A) R
  B) S
  C) T
  D) V
  Show Answer
  The correct answer is C .
• Question 640: The international Bank for Reconstruction and Development is important to developing countries because it? Options:
  A) gives loans to member countries for legal proceedings
  B) offers grants and aid for defence
  C) offers loans to member countries for socio-economics activities
  D) offers grants and aid to finance luxury projects
  Show Answer
  The correct answer is C .