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 881: Government's involvement in agricultural business in Nigeria is most manifested in the Options:
  A) establishment of farm settlements in each state of the federation
  B) establishment of credit guarantee scheme for small-scale farmers
  C) formation of farmers' cooperative societies
  D) procurement and distribution of fertilizers
  Show Answer
  The correct answer is D .
• Question 882: Elasticity demand is an effective tool in the hands of a producer in that it enables him? Options:
  A) raise his profit and lower his costs
  B) discourage buyers from cheating
  C) determine what he will produce
  D) set his price to maximize his profit
  Show Answer
  The correct answer is D .
• Question 883: Which of the following is inflationary? Options:
  A) An increase in taxation
  B) An increase in savings
  C) A decrease in money supply
  D) An increase in government expenditure
  Show Answer
  The correct answer is D .
• Question 884:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 885:

  Commercial banks are different from development banks in that the latter

  Options:
  A) lend on short-term basis
  B) pay interest on current accounts only
  C) are mostly joint-stock companies
  D) do not deal in foreign currencies
  Show Answer
  The correct answer is D .
• Question 886:

  Taxes and government expenditures are instruments of____________

   

   

  Options:
  A) Monetary policy
  B) Tax policy
  C) Economic policy
  D) Fiscal policy
  Show Answer
  The correct answer is D .
• Question 887: Economics is regarded as a social science because it? Options:
  A) adopts the scientific method in production
  B) is an agent of socialization
  C) adopts the scientific method in the study of human behaviour
  D) adopts the scientific method with social problems
  Show Answer
  The correct answer is C .
• Question 888:

  The Power Holding Company of Nigeria (PHCN) is a ________

  Options:
  A) Public limited company
  B) Private authority
  C) Public Corporation
  D) Public Liability company
  Show Answer
  The correct answer is C .
• Question 889: A free trade area emerges when? Options:
  A) traders from one part of the country can move freely to other parts
  B) customs regulation are harmonized among countries
  C) a group of countries decide to remove restrictions on imports from one another
  D) the UNCTAD is in force
  Show Answer
  The correct answer is C .
• Question 890: The marketing of agricultural products in Nigeria can be improved by Options:
  A) a massive production of farm produce
  B) re-establishing the marketing boards
  C) establishing more agricultural banks
  D) processing of farm produce
  Show Answer
  The correct answer is B .