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 111: Plywood industries are often located near the source of? Options:
  A) finance
  B) labour
  C) power supply
  D) raw materials
  Show Answer
  The correct answer is D .
• Question 112:

  Which of the following factors is not a cause of diminishing returns?

  Options:
  A) Increase in variable inputs
  B) Land fragmentation
  C) Constant technology
  D) Technological innovations
  Show Answer
  The correct answer is D .
• Question 113:

  A characteristic common to partnership and sole proprietorship is

  Options:
  A) limited liability
  B) accessibility to loan
  C) transferability of shares
  D) unlimited liability
  Show Answer
  The correct answer is D .
• Question 114:

  In an open economy, the GNP is measured as_____________?

  Options:
  A) C + 1 + G(X-M)
  B) C + 1 + G
  C) C + 1 + G + X
  D) C + 1 + G + M
  Show Answer
  The correct answer is A .
• Question 115:

  In economic life, the choice among alternatives depends on the?

  Options:
  A) income of the decision maker
  B) scarcity of resources
  C) the scale of preference of the decision-maker
  D) status of the decison maker
  Show Answer
  The correct answer is C .
• Question 116:

  One major problem facing West African countries is

  Options:
  A) Relations with Colonial Masters
  B) Joint Military operations in Member States
  C) Political integration
  D) Financial crunch of Member States
  Show Answer
  The correct answer is A .
• Question 117:

  An increase in nominal income without increase in price will result to

  Options:
  A) increased real income
  B) increased GDP
  C) decreased real income
  D) decreased GNP
  Show Answer
  The correct answer is A .
• Question 118: A change in the pump price of petrol in Nigeria has a direct effect on the Options:
  A) prices of consumer goods
  B) prices of essential goods
  C) cost of raw materials
  D) cost of transportation
  Show Answer
  The correct answer is B .
• Question 119: Which of the following is NOT a function of Nigeria commercial Banks? Options:
  A) Acceptance of deposit
  B) Lending of money
  C) Investment in securities and business
  D) Issue of currency
  E) Selling and buying of travellers cheques
  Show Answer
  The correct answer is D .
• Question 120: A major factor militating against rapid industrialization in Nigeria is Options:
  A) inadequate skilled manpower
  B) poor market facilities
  C) poor transport facilities
  D) epileptic power supply
  Show Answer
  The correct answer is D .