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 121: A vertical supply curve indicates that? Options:
  A) the quantity supplied is responsive to price
  B) the same fixed quantity will be supplied no matter the price
  C) an increase in price will result in an increase in the quantity supplied
  D) there is a fixed price for the commodity below which no supply will be made
  Show Answer
  The correct answer is B .
• Question 122: Privatization and commercialization of public enterprise in Nigeria is necessitated by Options:
  A) the IBRD conditions
  B) the government's loss of interest in them
  C) their operational inefficiency
  D) the IMF conditions
  Show Answer
  The correct answer is C .
• Question 123: Unlike the retailer, the wholesaler provides? Options:
  A) useful information to the manufacturer about consumers'taste
  B) after-sales services to the consumers
  C) useful information to the costumers on the benefits and uses of the product
  D) useful information about market trends and finance to the manufacturer
  Show Answer
  The correct answer is D .
• Question 124: In Nigeria, the bank that can correctly be described as a unit bank is? Options:
  A) the Central Bank
  B) people's bank
  C) mortgage bank
  D) community bank
  Show Answer
  The correct answer is A .
• Question 125: Collectivism refers to the system of management of state enterprises in a? Options:
  A) mixed economy
  B) co-operative organization
  C) capitalist economic system
  D) socialist economy
  Show Answer
  The correct answer is D .
• Question 126:

  Age range in years	% ofpopulation
  	1960	1990
  50 and above	35	38
  18 - 59	40	42

  Population Statistics of a Country.

  The dependency ratio between 1960 and 1990 is

  Options:
  A) increased by 5%
  B) increased by 2%
  C) decrease by 2%
  D) decrease by 5%
  Show Answer
  The correct answer is C .
• Question 127: Given that the prices and quantities supplied in litres of petrol is expressed as Qs = 25 + 0 25P.Qs is the quantity supplied and P is price. Determine the quantity supplied when price per litre is N30 Options:
  A) 50litres
  B) 32.5litres
  C) 30litres
  D) 35litres
  Show Answer
  The correct answer is B .
• Question 128: The source of all economic problems arises from Options:
  A) wants
  B) Scarcity
  C) Opportunity Cost
  D) Scale of Preference
  Show Answer
  The correct answer is B .
• Question 129: The family Support Programme in Nigeria essentially focuses on? Options:
  A) the generation of employment
  B) the alleviation of poverty
  C) agricultural and industrial development
  D) economic emancipation of women
  Show Answer
  The correct answer is D .
• Question 130:

  The decision to consume more of one product under normal circumstances will apply

  Options:
  A) less of another product will be consumed
  B) more of another product will be consumed
  C) less of the product will be consumed
  D) no other products will be consumed
  Show Answer
  The correct answer is A .