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: The first oil refinery in Nigeria was established at Options:
  A) Alesa Eleme
  B) Araromi
  C) Kaduna
  D) Oloibiri
  E) Warri
  Show Answer
  The correct answer is D .
• Question 2122: A line in commodity space which shows the constraints imposed by his budget, his money income and the price of goods purchased is Options:
  A) supply curve
  B) liquidity preference
  C) Budget line
  D) demand curve
  Show Answer
  The correct answer is C .
• Question 2123: In national income accounting, NNP is derived by subtracting from the GNP? Options:
  A) transfer payments
  B) indirect taxes
  C) allowance for wastage
  D) capital consumption
  Show Answer
  The correct answer is D .
• Question 2124: The difference between birth and death rates of a given population is referred to as the Options:
  A) mortality rate
  B) fertility rate
  C) natural growth rate
  D) linear growth rate
  Show Answer
  The correct answer is C .
• Question 2125: One of the major advantages of public enterprises is that? Options:
  A) they are highly subsidize
  B) they are the largest employers of labour
  C) their operations are highly standardized
  D) they take prompt decisions and actions
  Show Answer
  The correct answer is A .
• Question 2126: The most important factor determining the location of the cement industry in Nigeria today is ? Options:
  A) capital and government policy
  B) the nature of the product, infrastructure and government policy
  C) nearness to the market and source of power
  D) Price of the product and source of labour
  E) raw materials
  Show Answer
  The correct answer is E .
• Question 2127:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 2128: The per capita income is calculated as Options:
  A) GNP- working age population
  B) GNP- real national income
  C) GNP- total capital expenditure
  D) GNP- dependency ratio
  E) GNP- population
  Show Answer
  The correct answer is E .
• Question 2129: Capital consumption allowance refers to? Options:
  A) personal consumption expenditure
  B) indirect business taxes
  C) depreciation of capital equipment
  D) expenditure on capital equipment
  Show Answer
  The correct answer is C .
• Question 2130: The additional revenue obtained by using one more unit of a factor is called its? Options:
  A) marginal product
  B) additional product
  C) marginal revenue product
  D) average product
  Show Answer
  The correct answer is C .