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 2591: The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as? Options:
  A) industrialization
  B) export-promotion
  C) import-substitution
  D) export--substitution
  E) import-expansion
  Show Answer
  The correct answer is C .
• Question 2592: 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 2593: The major role of NDIC is to Options:
  A) insure bank deposits
  B) regulate the activities of insurance companies
  C) ensure adequate capitalization of insurance companies
  D) accept customers' deposit
  Show Answer
  The correct answer is A .
• Question 2594: Comparative cost doctrine of international trade means specialization in production Options:
  A) according to absolute cost advantage
  B) according to absolute cost disadvantage
  C) according to comparative cost disadvantage
  D) according to comparative cost advantage
  E) on the basis of the availability of labour
  Show Answer
  The correct answer is D .
• Question 2595: The law of Diminishing Returns begins to operate when? Options:
  A) total product begins to rise
  B) total product begins to fall
  C) marginal product begins to fall
  D) marginal product begins to rise
  Show Answer
  The correct answer is C .
• Question 2596: Palm oil industry is located in Bendel State because the State? Options:
  A) imports raw material for palm oil Industry
  B) is a palm tree growing area
  C) soil is unsuitable for other crops
  D) government does engage land for other crops
  E) land is suitable for oil
  Show Answer
  The correct answer is B .
• Question 2597: The act of cultivating land and rearing of animal for man’s use is Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 2598: A tax is defined as regressive if? Options:
  A) the proportion of income paid as tax increase as the income level increases
  B) all income group pay the same percentage of their income as tax
  C) the proportion if income taen by the tax falls as income increases
  D) the proportion of income taken by the tax is a fixed nominal amount of income for all income groups
  Show Answer
  The correct answer is C .
• Question 2599: In a regulated market, price is determined by Options:
  A) consumers
  B) producers
  C) auction
  D) government
  Show Answer
  The correct answer is D .
• Question 2600: Disposable income equals Options:
  A) personal income less business profits
  B) personal inome minus taxes and subsidies
  C) national income less borrowing from abroad
  D) national income plus transfer of payments
  E) personal income less taxes plus subsidies
  Show Answer
  The correct answer is E .