– NABTEB Economics Questions –
NABTEB Economics Questions will guide you before taking part in the NABTEB exams. Economics NABTEB Expo Questions are out now on our website.
About NABTEB
NABTEB is one of the examination bodies set up by the Federal Government in 1992 to reduce the burden of conducting examinations, which involves a lot of technical and trade-related practicals.
The board conducts the (NTC), National Business (NBC) and their respective advance level examinations (ANBC and ANTC).
READ ALSO!!!
➢ NABTEB GCE Guide Nov/Dec 2022
➢ NABTEB GCE Registration Form
➢ NABTEB Portal www.nabteb.gov.ng/
NABTEB Economics Questions and Answers 2022
ECONOMICS OBJ ANSWERS:
1-10: CBCBDCB-BB
11-20: CCCCAABA-D
21-30: CBBAC—CD
31-40: CDACDACDDA
41-50: ACA—DBC-
ECONOMICS THEORY ANSWERS:
(1a)
Qd=60-10P
at P=#1
Qd=60-10———(1)
=60-10
=50
at P=#2
Qd=60-10——-(2)
=60-20
=40
at P=#3
Qd=60-10——–(3)
=60-30
=30
(1b)
Qs=30+5P
at P=#1
Qs=30+5——— (1)
=30+5
=35
at P=#2
Qs=30+5——-(2)
=30+10
=40
at P=#3
Qs=30+5——–(3)
=30+15
=45
(1c)
Complete the table below by filling the Qd and Qs1 columns
P(#)| Qd | Qs1| Qs2
1 | 50 | 35 | 50
2 | 40 | 40 | 60
3 | 30 | 45 | 70
Present the table in a graph
(1d)
Excess supply over demand.
(2a)
(i) How to produce
(ii) When to produce.
(iii) For whom to produce
(iv) What to produce
(2bi)
How to produce. This is referred to as the technique of production. Every society should take a decision on how it will use the scarce resources to produce goods efficiently and effectively.
(ii) For whom to produce. This problem relates to distribution. A society should determine how its products should be distributed among the various components in an effective way.
(iii) What to produce. One of the major problems of economic is what goods and services to produce and in what quantities. These problems arises from the fact that human wants are unlimited but the resources are scarce.
(iv) When to produce. This problem is related to the efficient use of resources. Are the resources being fully utilised or are some of them lying idle. Every society tries to allocate resources efficiently to produce the highest production level at the least positive cost.
(3a)
Economic planning is a deliberate and conscious effort on the part of government to give meaningful direction to the economy by guiding and coordinating public policies towards efficient allocation of resources in order to ensure growth and development.
(3b)
Reasons for economic planning.
(i) To promote growth and development. Planning takes place to ensure that the e economy is able to achieve sustained growth and accelerated development.
(ii) To ensure productivity. Government, through planning, helps to mobilise scarce resources needed for production. This has helped to increase the level of productivity.
(iii) To reduce rural-urban migration. Planning are major tools by which government try to reduce rural and urban imbalances. Products to develop the rural areas are imbedded in the plans.
(iv) To strengthen the market mechanism. If the market mechanism is not perfect, the government can introduce policies to remove such imperfections. To mobilise and utilise resources to overcome such problems is a major reason for development planning.
(v) To achieve economic self-sufficient. A deliberate and conscious effort to give control and directions to any economy is aimed at achieving self-reliance and sufficiency. Goods imported can now be produced locally.
(4a)
(i) In a perfectly competitive market, there is no selling cost because products are homogeneous while in monopolistic competition there are selling costs because of the differentiation of products.
(ii) Perfectly competition demand curve is perfectly elastic while demand curve is elastic and slope downward in monopolistic. Competition.
(iii) In the long run, firms are of the optimum size in perfect competition while firms are less than optimum in monopolistic competition.
(4b)
(i) Free movement of factors of production
(ii) Consumers’ satisfaction will be maximised
(iii) Full employment of all resources
(iv) Free operations of market forces
(5a)
Capitalising is an economic system characterised by private ownership of means of production and distribution and their operations for profit under competitive conditions. Allocation of resources is determined by the decision of private individuals.
(5b)
Advantages Of Capital Economic System.
(i) Freedom of private ownership of property. Private individuals are free to own properties without interference from the government. Each individual controls what he owns.
(ii) Profit maximisation. The driving force of a free market economy is profit maximisation. Business organisations are motivated by profit. They produce purposely to make a profit.
(iii) Self-regulating. There is no need for the government to intervene in the workings of the economy.
(iv) Freedom of choice. There is freedom of choice by the consumers and producers. The consumer is free to choose what to consume.
(6a)
The money market is a market for lending and borrowing short-term funds for investment. It is a collective name given to various individuals or institutions that have money to lend or wish to borrow on a short-term basis.
(6bi)
Facilities transfer of funds. Through the money market, excess funds can be transferred from one sector to another where it can be productively put to use.
(ii) Promotes liquidity and safety of financial assets. Money market promote the liquidity and safety if financial assets.
(iii) Encourage investment. It provide local investment outlets for reception of funds in Nigeria
(iv) Use of surplus funds. Financial institutions can make use of their surplus funds for profitable purpose within a short period of time.
(6c)
(i) Central bank
(ii) Finance houses
(iii) Discount houses
(iv) Commercial banks
DISCLAIMER! These are not real NABTEB Economics Questions, but likely repeated questions over the years to help candidates understand the nature of their examinations. Ensure to note every question provided on this page.
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