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 1141: The most important factor determining the location of the cement industry in Nigeria today is ? Options:
  A) capital and government policy
  B) the nature of the product, infrastructure and government policy
  C) nearness to the market and source of power
  D) Price of the product and source of labour
  E) raw materials
  Show Answer
  The correct answer is E .
• Question 1142: Economics of scale operate only when? Options:
  A) marginal cost is falling with input
  B) average cost is falling with output
  C) fixed cost is variable
  D) variable cost is less than fixed cost
  Show Answer
  The correct answer is B .
• Question 1143: An important function of the retailer is to? Options:
  A) grant credit to the wholesaler
  B) break bulk and sell products in small units
  C) reduce cost of distribution
  D) generate demand for products through advertisement
  Show Answer
  The correct answer is B .
• Question 1144: Which of the following is a direct tax? Options:
  A) Sales tax
  B) Purchase tax
  C) Export duties
  D) property tax
  Show Answer
  The correct answer is D .
• Question 1145: Given that the total production of Bandako farmers with one worker is 10kg. When the workers increased to 2, 3, and 4, the total production increases to 20, 36 and 60kg respectively. Calculate the average product (AP) of the 4th unit of labour. Options:
  A) 20
  B) 13
  C) 15
  D) 10
  Show Answer
  The correct answer is C .
• Question 1146: The unemployment associated with a recession is called? Options:
  A) voluntary
  B) frictonal
  C) cyclical
  D) structural
  E) maximum
  Show Answer
  The correct answer is C .
• Question 1147: The most important requirement for increasing agriculture output in Nigeria is? Options:
  A) for the government to go into large scale farming
  B) to employ relevant foreign technology and reform the land tenure system
  C) to increase farmers'incomes and improve the farming techniques
  D) to employ more extension workers
  Show Answer
  The correct answer is C .
• Question 1148: Ad valorem tax means? Options:
  A) a certain percentage tax based on the value of the commodity
  B) a certain percentage tax based on the volume of the commodity
  C) a tax on the income of the consumer
  D) payment of a tax on the profits made
  Show Answer
  The correct answer is A .
• Question 1149:

  

  In the diagram above, ST is the budget line while l,ll and lll represent indifference curves. A rational consumer will choose to consume at point

  Options:
  A) M
  B) J
  C) K
  D) L
  Show Answer
  The correct answer is D .
• Question 1150:

  

  The figure above shows a change in demand for commodity x which is a normal good. Use it to answer the questions that follows.

  Which of the following caused the change in demand from D0 D0 to D2 D2?

  Options:
  A) Fall in income of consumer
  B) Rise in the price of a substitute
  C) Rise in the price of a complement
  D) Fall in the supply of commodity x
  Show Answer
  The correct answer is B .