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 891:

  Demand-pull inflation is likely to be caused by

  Options:
  A) an increase in the cost of factor inputs
  B) increase in the income tax rate
  C) increase in bank lending rate
  D) increasingly large budget deficit
  Show Answer
  The correct answer is D .
• Question 892: Privatization of government-owned companies means the? Options:
  A) relinquishing of government equility participation to private individuals
  B) recapitalization of distressed government-owned companies
  C) joint paticipation of government and private individuals
  D) commercialization and deregulation of the economy
  Show Answer
  The correct answer is A .
• Question 893: The Nigeria Bank for Commerce and Industry is? Options:
  A) a commercial Bank
  B) a developmment bank
  C) an industrial bank
  D) a merchant bank
  Show Answer
  The correct answer is B .
• Question 894: One of the assumptions of the cardinalist approach is Options:
  A) diminishing marginal rate of substitution
  B) the consistency and transitivity of choice
  C) that total utility depends on the quantity of the commodities consumed
  D) unstable marginal utility of money
  Show Answer
  The correct answer is C .
• Question 895: The demand for salt is ………… Options:
  A) Elastic
  B) Inelastic
  C) Unitary elastic
  D) both a and b
  Show Answer
  The correct answer is B .
• Question 896:

  If a housewife has meat and wants tomatoes, she must find someone who has tomatoes to give and wants meat. This concept is described as

  Options:
  A) scale of preference
  B) opportunity cost
  C) complementary demand
  D) double coincidence of wants
  Show Answer
  The correct answer is D .
• Question 897: If there is an increase in demand without a corresponding increase in supply, there will be a Options:
  A) rise in price
  B) shift in demand curve to the left
  C) fall in price
  D) shift in supply curve to the right
  Show Answer
  The correct answer is A .
• Question 898: Economics is a science which deals basically with Options:
  A) the factors of production
  B) allocation of scarce resources
  C) oil exportation
  D) the gross domestic product (GDP)
  E) national income
  Show Answer
  The correct answer is B .
• Question 899: The present privatization policy in Nigeria is aimed at? Options:
  A) reducing income inequality
  B) reducing the prices of goods and services
  C) poverty alleviation
  D) increasing efficiency in production
  Show Answer
  The correct answer is D .
• Question 900: A monopolist has the power to influence the prices of goods and services. Therefore, he is a Options:
  A) price maker
  B) price taker
  C) price system
  D) price competition
  Show Answer
  The correct answer is A .