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 2721: The concentration of industries in a particular geographical area is Options:
  A) localization of industries
  B) roles of industrialization
  C) location of industry
  D) strategies of industrialization
  Show Answer
  The correct answer is A .
• Question 2722: The money market is a financial market that specializes in the provision of? Options:
  A) short-term loans
  B) medium-term loans
  C) long-term loans
  D) venture capital for development projects
  Show Answer
  The correct answer is A .
• Question 2723:

  Which of the following is a major export crop in Nigeria?

  Options:
  A) cocoa
  B) coffee
  C) copper
  D) kola nut
  E) soy beans
  Show Answer
  The correct answer is A .
• Question 2724: The law of diminishing marginal utility explains why Options:
  A) the slope of a normal demand curve is negative
  B) an abnormal demand curve slopes upwards
  C) the slope of a normal demand curve is positive
  D) the consumption of inferior goods increases with income
  Show Answer
  The correct answer is A .
• Question 2725: One of the positive contributions of the petroleum industry to Nigeria’s economic development is that it Options:
  A) creates ecological problems
  B) creates political unrest
  C) creates uncertainties in government revenues
  D) is a major foreign exchange earner
  E) suppresses agricultural development
  Show Answer
  The correct answer is D .
• Question 2726: The main objective of WTO is to Options:
  A) help countries with chronic balance of payments problems
  B) help debtor nations solve their problems
  C) ensure adequate tariff protection for infant industries
  D) provide a mechanism for tariff reductions
  Show Answer
  The correct answer is D .
• Question 2727: Price control indicate the following Options:
  A) price is fixed at equilibrium level
  B) price is fixed above equilibrium level
  C) price is not fixed but determined by demand and supply
  D) price is fixed below equilibrium level
  E) none of the above
  Show Answer
  The correct answer is D .
• Question 2728:

  

  The average total cost when 20 units are produced is

  Options:
  A) ₦20.00
  B) ₦23.00
  C) ₦13.00
  D) ₦15.00
  Show Answer
  The correct answer is D .
• Question 2729: Industrialization is a prerequisite for balanced economic growth because it Options:
  A) encourages trade liberalization
  B) stimulates the development of all sectors
  C) enhances productivity in the manufacturing sector
  D) expends employment opportunities in urban areas
  Show Answer
  The correct answer is B .
• Question 2730:

  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 .