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 2121: One of the most important factors that should be considered in the location of an industry is? Options:
  A) nearness to the financial centre
  B) assured patronage by government functionaries
  C) availabilities of inputs and market
  D) availabilities of adequate security
  Show Answer
  The correct answer is C .
• Question 2122: One of the disadvantages of division of labour is that? Options:
  A) there is saving of time
  B) it result in workers acquiring greater skill at their jobs
  C) there is a greater risk of unemployment
  D) it makes possible the use of machinery
  E) it makes the worker less fatigued by his work
  Show Answer
  The correct answer is C .
• Question 2123:

  A disadvantage of a jont-stock company is

  Options:
  A) unlimited liability
  B) limited liability
  C) lack of continuity when a shareholder dies
  D) limited control in management by shareholders
  Show Answer
  The correct answer is D .
• Question 2124: The average tax rate is defined as Options:
  A) total tax rate less the marginal tax rate
  B) the tax rate which applies to additional value income
  C) the ratio of total taxes paid to total income
  D) marginal tax rate for being progressive
  Show Answer
  The correct answer is C .
• Question 2125: Utility is the satisfaction derived from the Options:
  A) distribution of goods and services
  B) use of goods and services
  C) demand of goods and services
  D) production of goods and services
  Show Answer
  The correct answer is B .
• Question 2126: The OPEC marketing policy of fixing minimum price allows members to Options:
  A) sell above minimum price
  B) sell below minimum price
  C) determine the price and quantity to sell
  D) negotiate price with customers
  Show Answer
  The correct answer is A .
• Question 2127: Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone? Options:
  A) Variable cost
  B) opportunity cost
  C) Total cost
  D) Prime cost
  Show Answer
  The correct answer is B .
• Question 2128: The trade-off between two commodities along the Production Possibility Curve (PPC) shows Options:
  A) opportunity cost principle
  B) scarcity principle
  C) transferable output
  D) unattainable combination
  E) under utilization of resources
  Show Answer
  The correct answer is D .
• Question 2129: International trade is necessary because? Options:
  A) no country can live in economic isolation
  B) different countries are differently endowed in natural and man-made resources
  C) some countries have comparative costs advantage in the production of particular commodities over other countries
  D) the word demand for and supply of various categories of commodities is expanding very fast
  E) countries want to build up their foreign exchange reservers
  Show Answer
  The correct answer is B .
• Question 2130:

  A ............ in the price of the domestic currency in terms of a foreign currency is referred to as .............

  Options:
  A) Decrease, appreciation
  B) Increase, de-appreciation
  C) Decrease, depreciation
  D) Increase, consolidation
  Show Answer
  The correct answer is C .