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 1591: in equilibrium, injections are equal to? Options:
  A) withdrawals
  B) surplus of imports over exports
  C) government spending
  D) wages
  Show Answer
  The correct answer is A .
• Question 1592: Nigeria earns the major part of her foreign exchange from the export of? Options:
  A) manpower to another countries
  B) crude oil
  C) petroleum products
  D) groundnuts and cotton
  E) palm oil and cocoa
  Show Answer
  The correct answer is B .
• Question 1593:

  Which of the following are the major disadvantage of direct system of taxation?i, Disincentive of hard work

  Ii,Difficulties in assessment and collection

  Iii, imperfection in tax assessment.

  Options:
  A) i and ii
  B) i and iii
  C) ii and iii
  D) i, ii and iii
  Show Answer
  The correct answer is C .
• Question 1594: The practice of selling goods overseas and often below the cost of production is known as Options:
  A) retailing
  B) dumping
  C) internal trade
  D) advertising
  Show Answer
  The correct answer is B .
• Question 1595: 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 1596: The major contribution of the petroleum industry to the Nigerian economy is the Options:
  A) generation of revenue for the oil companies
  B) provision of employment opportunities for communites
  C) generation of revenue for government
  D) promotion of industrial harmony
  Show Answer
  The correct answer is C .
• Question 1597: The aim of indigenization policy was to Options:
  A) build more industries in the economy
  B) increase the drain in foreign exchange
  C) increase foreign domination of the economy
  D) increase the participation of Nigeria’s commerce and industry
  E) send all the foreigners away from Nigeria
  Show Answer
  The correct answer is B .
• Question 1598:

  Consider the following statements:

    1. Climate and availability of water largely determines the pattern of the population distribution.

    2. Density of population helps in getting a better understanding of the spatial distribution of population in relation to land

    Which of the statement(s) given above is/are correct

  Options:
  A) Only 1
  B) Only 2
  C) Both 1 and 2
  D) Neither 1 nor 2
  Show Answer
  The correct answer is C .
• Question 1599: An accurate census is important to a country because it helps? Options:
  A) in solving unemployment problem
  B) to ensure equitable population redistribution relative to natural resources
  C) in deciding on the creation of more local government
  D) in providing a second basis for formulating development policy
  Show Answer
  The correct answer is D .
• Question 1600: The market structure in which there is interdependence of price-output policies is Options:
  A) a pure monopoly
  B) an oligopoly
  C) a pure competition
  D) a monopolistic competition
  Show Answer
  The correct answer is B .