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 21:

  The main objective of marketing boards is to

  Options:
  A) accumulate revenue for government
  B) educate farmers on pricing of cash crops
  C) stabilize the incomes of cash crop farmers
  D) provide warehousing facilities
  Show Answer
  The correct answer is C .
• Question 22: The meaning of scale of preference is? Options:
  A) preparing a list of goods and services to be purchased in order of priority
  B) showing the monthly income
  C) budget preparation without due regard to proper proirities
  D) consumers' preference for luxury goods
  E) consumers preference for foreugn goods
  Show Answer
  The correct answer is A .
• Question 23: The GDP of Nigeria will be greater than her GNP if? Options:
  A) the value of goods and services to Nigeria is greater than the value of those from Nigeria
  B) consumption is greater than investment
  C) government expenditures are greater than the foreign aid received
  D) the value of goods and services produced by Nigeria businesses abroad is greater than that of foreign businesses in Nigeria
  Show Answer
  The correct answer is D .
• Question 24: If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is Options:
  A) 0.80
  B) 1.25
  C) 2.00
  D) 10.00
  Show Answer
  The correct answer is B .
• Question 25: To calculate the annual natural growth rate of a country's population, one has to know the country's annual birth rate and Options:
  A) the size of that country
  B) the rate of immigration into that country
  C) the population census of that country
  D) the annual death rate
  E) the gross domestic product annual(GDP) of that country
  Show Answer
  The correct answer is D .
• Question 26: An important function of the World Bank is to Options:
  A) provide short-run loans to members
  B) encourage trade between members
  C) promote capital-intensive production
  D) provide long-time loans to members
  Show Answer
  The correct answer is D .
• Question 27: When elasticity is zero, demand curve is Options:
  A) perfectly elastic
  B) perfectly inelastic
  C) down-ward sloping
  D) upward sloping
  Show Answer
  The correct answer is B .
• Question 28: A decrease in supply without a corresponding change in demand will lead to Options:
  A) an increase in equilibrium price and a decrease in equilibrium quantity
  B) a decrease in equilibrium price and an increase in equilibrium qantity
  C) a decrease in equilibrium price and equilibrium quantity
  D) an increase in equilibrium price and quantity
  Show Answer
  The correct answer is A .
• Question 29: A distribution is said to be positively skewed if it Options:
  A) has a long tail to the left
  B) has a long tail to the right
  C) is bimodal
  D) is bell-shaped
  Show Answer
  The correct answer is B .
• Question 30: The mobility of labour is mainly determined by Options:
  A) the age of workers
  B) government policy
  C) trade unions
  D) wage rate differentials
  Show Answer
  The correct answer is D .