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 1081:

  Production possibilities(alternatives)

  P Q R S T

  Units of shelter 5 4 3 2 0

  Units of food 0 5 9 12 15 Basedon the above production possibilities table, the real cost of a unit of food when alternative R is selected is?

  Options:
  A) one unit of shelter
  B) three units of shelter
  C) one third of a unit of shelter
  D) six units of shelter
  E) two units of shelter
  Show Answer
  The correct answer is C .
• Question 1082: Localization of industry is encouraged because of ________ Options:
  A) low interest charges on loans
  B) improvements in infrastructure
  C) low foreign exchange rate
  D) high standard of living
  Show Answer
  The correct answer is D .
• Question 1083: Devaluation of the naira as a condition for the international Monetary Fund 'loan' is considered inadvisable because? Options:
  A) it would allowed for more money to be spent on luxuries
  B) the interest rate on the loan will increase
  C) it would decrease the demand for Nigeria's exports
  D) it would worsen Nigeria foreign exchange situation
  E) Nigerias oil would sell less in the world market
  Show Answer
  The correct answer is D .
• Question 1084: The income of an individual increases from N150 to N250 and his consumption rate increases from N100 to N150. Calculate the Marginal Propensity to Consume Options:
  A) 2
  B) 0.4
  C) 1
  D) 0.5
  Show Answer
  The correct answer is D .
• Question 1085:

  The basic principle underlying location of industry is the tendency for production of a commodity to be located on the basis of______

  Options:
  A) division of labour
  B) employment trends
  C) relative costs and benefits
  D) immobility of skilled labour
  Show Answer
  The correct answer is C .
• Question 1086: A shift in supply curve indicates that a different quantity will be supplied at each possible price because? Options:
  A) consumers are willing to pay higher prices
  B) supply is facing competition
  C) other factors than price have changed
  D) price has changed
  Show Answer
  The correct answer is C .
• Question 1087: Development outside a given firm which reduce the firm costs are called? Options:
  A) internal economies
  B) external economies
  C) external diseconomies
  D) optimum effects
  Show Answer
  The correct answer is B .
• Question 1088: GNP is not a good measure of social welfare because there are unrecorded? Options:
  A) indirect taxes
  B) social costs
  C) government subsidies
  D) transfer payments
  Show Answer
  The correct answer is D .
• Question 1089:

  Which of the following are the advantages of Nigeria's membership of ECOWAS? i A greater opportunity for trade according to comparative cost advantage.

  Ii A large market industries producing under condition of decreasing cost.

  Iii Competition for home based monopoly firms

  Options:
  A) i and ii only
  B) i and iii only
  C) ii and iii only
  D) i,ii and iii
  Show Answer
  The correct answer is A .
• Question 1090: The effect of emigration on a country's population is Options:
  A) decrease in the population
  B) decrease in job opportunities
  C) increase in population
  D) increase in dependency ratio
  Show Answer
  The correct answer is A .