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 1251: One of the ways by which Government derives revenue from industrial enterprises in West Africa is? Options:
  A) tariffs
  B) excise duties
  C) poll tax
  D) import duties
  E) community tax
  Show Answer
  The correct answer is B .
• Question 1252: If Nigeria imports vehicles from Japan the transaction will appear as a Options:
  A) debit on Japan's balance of payments
  B) credit on Japan's balance of payments
  C) credit on Nigeria's balance of trade
  D) credit on Nigeria's balance of payment
  Show Answer
  The correct answer is B .
• Question 1253: Industries for consumer goods are concentrated in urban centers as a result of Options:
  A) large market
  B) power supply
  C) government policy
  D) weather conditions
  Show Answer
  The correct answer is A .
• Question 1254:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 1255:

  

  Above the equilibrium point, a further rise in price tends to

  Options:
  A) increase demand and restrict supply
  B) restrict demand and decrease supply
  C) increase demand and decrease supply
  D) decrease demand and increase supply
  Show Answer
  The correct answer is D .
• Question 1256:

  Palm oil industry is located in Old Bendel State because the state______

  Options:
  A) Land is suitable for oil
  B) Is a palm tree growing area
  C) Soil is unsuitable for other crops
  D) Imports raw materials for palm oil industry
  Show Answer
  The correct answer is B .
• Question 1257:

  Efficiency of labour in a country is determined by the following except the____________

  Options:
  A) Social attitude to work
  B) Education and training
  C) Total population
  D) Working conditions of workers
  Show Answer
  The correct answer is C .
• Question 1258: A change in demand for a normal goods implies that, there is a Options:
  A) change in the quantity demanded as price changes
  B) shift in the demand curve
  C) movement along a given demand curve
  D) change in the price elasticity of demand
  Show Answer
  The correct answer is D .
• Question 1259: The ordinary partner in a partnership? Options:
  A) takes no active in the management of the business
  B) has limited liability in case of business failure
  C) has unlimited liability in case of business failure
  D) cannot be sued personally on matters relating to the business
  Show Answer
  The correct answer is C .
• Question 1260: In developing countries, it is easier to obtain accurate national income estimates through the Options:
  A) GNP
  B) GDP
  C) NDP
  D) NNP
  Show Answer
  The correct answer is B .