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 2821:

  If commodities X and Y are substitute, their cross elasticity of demand will be

  Options:
  A) One
  B) positive
  C) negative
  D) zero
  Show Answer
  The correct answer is B .
• Question 2822:

  The determination of price by bargaining between buyers and sellers is________

  Options:
  A) Sales by Auction
  B) Tender
  C) Higgling and Haggling
  D) Price Control
  Show Answer
  The correct answer is C .
• Question 2823: A tax that takes an increasing fraction of income as income goes down is called? Options:
  A) conditional
  B) regressive
  C) progressive
  D) proportional
  Show Answer
  The correct answer is B .
• Question 2824: One of the problems facing the Nigerian oil and gas industry is____________________? Options:
  A) Over-capacity utilization
  B) The discovery of alternative oil sources
  C) Shortage of indigenous manpower
  D) The excess supply of petroleum products
  Show Answer
  The correct answer is C .
• Question 2825: Industries tend to be located closer to market centers than to the sources of major raw materials if the? Options:
  A) products are relatively cheap to transport to market centers
  B) products are relatively more expensive to transport than the major raw materials
  C) raw marterials are bulky
  D) raw marterials can also be imported
  Show Answer
  The correct answer is B .
• Question 2826: When the average physical product curve is rising the marginal physical product is Options:
  A) below it
  B) above it
  C) falling
  D) zero
  E) None of the above
  Show Answer
  The correct answer is B .
• Question 2827: The term 'Near money' is best described as Options:
  A) a financial instrument that is readily convertible to cash
  B) government financial instrument that is convertible to cash
  C) time deposits with low interest rates
  D) a financial asset that is convertible to cash
  Show Answer
  The correct answer is A .
• Question 2828: If the labour force in a given community is 2,000,000, in the wage employment 200,000 and the unemployed are 80,000, what is the unemployment rate in the community? Options:
  A) 0.4%
  B) 40.0%
  C) 10.0%
  D) 4.0%
  Show Answer
  The correct answer is B .
• Question 2829:

  The relationship between the tax rate and income which is relevant to progressive tax is shown by?

  Options:
  A) curve X
  B) curve Y
  C) curve Z
  D) curve X and Z
  Show Answer
  The correct answer is B .
• Question 2830: The petro- chemical industries are located in the River State of Nigeria due to? Options:
  A) favourable climate
  B) favourable soil
  C) oil deposits
  D) palm oil products
  E) coal deposit
  Show Answer
  The correct answer is C .