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 1741: Which of the following is NOT an advantage of localization of industry? Options:
  A) Availability of social amenities
  B) Development of subsidiary industries
  C) Highly organized markets
  D) supply of skilled labour
  E) traffic De-congestion
  Show Answer
  The correct answer is E .
• Question 1742: The merging of firms engage in different stages of production and marketing is called? Options:
  A) external economies of scale
  B) vertical intergration
  C) horizontal intergration
  D) economic unoin
  Show Answer
  The correct answer is B .
• Question 1743:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 1744: In order to build up its capital stock, the typical less developed country should ideally Options:
  A) Increase total saving
  B) Depend on hand-out from foreigners
  C) Impose tariff on import
  D) nationalise all foreign concern
  E) None of the above
  Show Answer
  The correct answer is A .
• Question 1745:

  

  From the graph above the consumer will attain equilibrium at point_______________

  Options:
  A) J
  B) K
  C) M
  D) L
  Show Answer
  The correct answer is B .
• Question 1746: Wheat grows best in? Options:
  A) tropical climate
  B) temperate climate
  C) equatorial climate
  D) hot desert
  Show Answer
  The correct answer is B .
• Question 1747: One of the functions of ECOWAS is to Options:
  A) provide funds for infrastructural development
  B) determine prices of exports
  C) redistribute income among citizens
  D) provide employment for citizens of member nations
  Show Answer
  The correct answer is B .
• Question 1748: In international trade, a country specializes in the production of a commodity or group of commodities for which it has? Options:
  A) a buoyant market
  B) plenty of raw materials
  C) the greatest relative advantage
  D) executive manpower
  Show Answer
  The correct answer is C .
• Question 1749: The central point of the Malthusian theory is that Options:
  A) everybody should become a farmer
  B) government should provide enough accommodation and food
  C) increasing population will get enough food
  D) population increase in geometric progression while food arithmetic progression
  E) wages has nothing to do with cost of living
  Show Answer
  The correct answer is A .
• Question 1750:

  The development of an economic hypothesis through intuition, insight, or logic is associated with

  Options:
  A) Deduction
  B) Policy economics
  C) Normative economics
  D) Induction
  Show Answer
  The correct answer is C .