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 2041: The following can be used to improve a country’s balance of payment EXCEPT Options:
  A) anti-dumping policies
  B) decreasing taxation on personal income
  C) granting subsidies to export producers
  D) increasing import duties
  E) removing export duties
  Show Answer
  The correct answer is B .
• Question 2042:

  

  The interdependence between households and business enterprises illustrated in the figure is known as

  Options:
  A) Market interaction
  B) Cash flow
  C) Circular flow of income
  D) Supply and demand for goods and services
  E) Household preference schedule
  Show Answer
  The correct answer is C .
• Question 2043: From an economic point of view, an activity does not have a cost when Options:
  A) someone else pays for it
  B) the returns are greater than the cost
  C) the choice involves giving up nothing
  D) the government pays for it
  E) it is paid for from a gift
  Show Answer
  The correct answer is C .
• Question 2044: To enhance the competitiveness of domestic agricultural products, there is need to Options:
  A) ban the importation of a agricultural products
  B) increase the exportation of agricultural products
  C) improve the quality of domestic agricultural products
  D) increase the output of domestic agricultural products
  Show Answer
  The correct answer is C .
• Question 2045:

  A major disadvantage of localization of industry is

  Options:
  A) the risk of structural unemployment
  B) over-utilization of installed industrial capacity
  C) the risk of seasonal unemployment
  D) under-utilization of installed industrial capacity
  Show Answer
  The correct answer is A .
• Question 2046: If any economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to? Options:
  A) land and related factors
  B) abundance of natural resources
  C) level of human capital
  D) technical progress or other factors
  E) the discipline of political leadership
  Show Answer
  The correct answer is A .
• Question 2047: A major trading problem facing ECOWAS is Options:
  A) the absence of common currency
  B) political instability
  C) high poverty level
  D) non implementation of decisions
  Show Answer
  The correct answer is A .
• Question 2048:

  Industrialization is the process of___________

  Options:
  A) concentrating a firm in a place
  B) transforming as economy based on extractive to manufacturing
  C) transferring a government industry to individual
  D) transforming finished goods into semi-finished goods
  Show Answer
  The correct answer is B .
• Question 2049: Prohibiting the sale of lace materials in Nigeria would probably lead to? Options:
  A) Increase supply of lace material in Nigeria
  B) Production of better quality lace abroad
  C) Lower price of lace material in Nigeria
  D) Higher price of lace material in Nigeria
  E) Increase income to all dealers of lace materials in Nigeria
  Show Answer
  The correct answer is D .
• Question 2050:

  

  The above diagram showing the maximum possible combination of commodities X and Y produced in Nigeria is called the

  Options:
  A) Production indicator
  B) Maximum production curve
  C) Production possibility curve
  D) Total output curve
  Show Answer
  The correct answer is C .