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 211: Which is considered the most effective tool by which the Central Bank of Nigeria can control the activities of commercial banks? Options:
  A) Open market operation
  B) Reserve requirements
  C) Bank rate
  D) Directives
  E) Special deposits
  Show Answer
  The correct answer is B .
• Question 212: Economics is the study of human behaviour as it relates to the Options:
  A) efficient allocation of resources
  B) production of goods
  C) operation of companies
  D) generation of income
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  The correct answer is A .
• Question 213: The supply of cocoa is influenced by Options:
  A) seasonal conditions
  B) the efficacy of fertilizer used
  C) the demand for beverages
  D) the availability of close substitutes
  Show Answer
  The correct answer is B .
• Question 214: Balance of payment deficit in Nigeria CANNOT be solved by Options:
  A) importing more goods and services
  B) devaluation of the currency
  C) imposing import duties
  D) imposing import bans on some commodities
  Show Answer
  The correct answer is A .
• Question 215: Production covers all but one of the following activities: Options:
  A) changing the position of a good in time as, for example, holding stock of goods until they are required
  B) the provision of some kind of service e.g retailing
  C) changing the form of a good from the raw material to the finished product
  D) changing the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt
  E) the use of good and services to satisfy individual wants
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  The correct answer is E .
• Question 216: Which of the following statements describes a mixed economy? Options:
  A) The government and the private sector interact in solving the basic economic problems
  B) The invisible hand solves the basic economic problems
  C) The government produces and distributes all goods and services
  D) Society answers the 'what', 'how', and 'for whom' questions only through the market system
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  The correct answer is A .
• Question 217: 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
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  The correct answer is B .
• Question 218:

  

  If the economy of the country is operating at X, the implication is that

  Options:
  A) the productive capacity is being fully utilized
  B) the productive capacity is not being fully utilized
  C) too little of consumer goods is being produced
  D) there is a disequilibrium between the production of capital and consumer goods
  Show Answer
  The correct answer is B .
• Question 219:

  Use the information below to answer this question.

  Given that Q _d = 20 - 4P and Q = 6P + 12Determine the equilibrium quantity

  Options:
  A) 14.2
  B) 16.8
  C) 20.8
  D) 30.2
  Show Answer
  The correct answer is D .
• Question 220: Price discrimination can be described profitably by a monopolist when the elasticity of demand for his product is Options:
  A) elastic in both markets
  B) uniltary elastic in both market
  C) inelastic in both markets
  D) elastic in one market and inelastic in the other
  E) unitary elastic in none of the markets
  Show Answer
  The correct answer is D .