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 1281: The major function of the wholesaler to his customers is? Options:
  A) breaking of bulk
  B) offering personal services
  C) stocking a variety of goods
  D) providing transport facilities
  Show Answer
  The correct answer is A .
• Question 1282: Localization of industries refers to the? Options:
  A) tendency to concentrate industries in particular areas
  B) sitting of industries in certain areas
  C) deliberate policy of influencing location of industries generally
  D) zoning of industries
  Show Answer
  The correct answer is A .
• Question 1283:
  

  From the graph below, Point "E" shows--------------

  Options:
  A) product inefficiency
  B) product efficiency
  C) productive efficiency
  D) allocative efficiency
  Show Answer
  The correct answer is A .
• Question 1284: A glut in the world market for crude oil means? Options:
  A) a fall in crude oil production
  B) an excess supply of crude petroleum
  C) a higher crude oil price offered by the buyer
  D) a higher crude oil price demanded by the seller
  Show Answer
  The correct answer is B .
• Question 1285: Which of the following factors is an important determinant of the magnitude of price elasticity of demand? Options:
  A) The production period
  B) Cost of storage
  C) Durability of the product
  D) Availability of factors of production
  Show Answer
  The correct answer is C .
• Question 1286:

  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 1287:

  

  The consumer is at equilibrium at point

  Options:
  A) N
  B) P
  C) M
  D) K
  Show Answer
  The correct answer is A .
• Question 1288: Which of the following business units can issue shares? Options:
  A) Partnership
  B) Public limited liability company
  C) Sole proprietorship
  D) Central bank
  Show Answer
  The correct answer is B .
• Question 1289: If CBN reduces money supply, the interest rate will Options:
  A) fluctuate
  B) rise
  C) fall
  D) remain unchanged
  Show Answer
  The correct answer is B .
• Question 1290: A smaller industry that grows to cater for the need of the major industry is Options:
  A) subsidiary industry
  B) constructive industry
  C) manufacturing industry
  D) infant industry
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  The correct answer is A .