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 1161: Import substitution aims at? Options:
  A) substituting agricultural products with industrial ones
  B) substituting imports with agricultural exports
  C) the diversification of industries
  D) improving the balance of payments
  Show Answer
  The correct answer is B .
• Question 1162: The petro- chemical industries are located in the River State of Nigeria due to? Options:
  A) favourable climate
  B) favourable soil
  C) oil deposits
  D) palm oil products
  E) coal deposit
  Show Answer
  The correct answer is C .
• Question 1163: If prices fall in a perfectly competitive industry, the firms in that industry in the short run will? Options:
  A) not decrease in number
  B) keep output at the same level but make losses
  C) reduce production
  D) intensity the advertisement of their products
  Show Answer
  The correct answer is C .
• Question 1164: In a perfect competition, every firm is a price? Options:
  A) maker
  B) taker
  C) giver
  D) bidder
  Show Answer
  The correct answer is B .
• Question 1165:

  From the diagram shown, the optional point of production is_____________?

  Options:
  A) R
  B) T
  C) S
  D) U
  Show Answer
  The correct answer is C .
• Question 1166: Personal income tax as a source of government revenue is increased when the Options:
  A) tax rate is raised
  B) tax system is proportional
  C) retirement age is reduced
  D) tax base is contracted
  Show Answer
  The correct answer is A .
• Question 1167:

  A situation in which a commodity is sold abroad below its cost of production in the home country is known as?

  Options:
  A) dumping
  B) counter trade
  C) bilateral trade
  D) trade liberalization
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  The correct answer is A .
• Question 1168: Two goods, X and Y, are said to be complementary when? Options:
  A) A fall in the price of X raises the demand for Y
  B) A fall in the price of X causes a fall in the demand for Y
  C) A fall in the price of X does not affect the demand for Y
  D) A rise in the price of X does not affect the demand for Y
  E) The two goods are competitive.
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  The correct answer is A .
• Question 1169: If a country operates a freely floating exchange rate system, and suffers a balance of payments deficit can be eliminated through? Options:
  A) a rise in the external value of its currency
  B) a fall in the external value of its currency
  C) an increase in the volume of imports
  D) the consumption of more foreign goods
  Show Answer
  The correct answer is B .
• Question 1170:

  The theory of ............... was propounded by ..................

  Options:
  A) Comparative advantage; Mercantilists
  B) Absolute advantage; Adam Smith
  C) Comparative advantage; Adam Smith
  D) Absolute advantage; David Ricardo
  Show Answer
  The correct answer is B .