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 321: 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 322:

  A situation in which a commodity is sold abroad below its cost of production in the home country is known as?

  Options:
  A) dumping
  B) counter trade
  C) bilateral trade
  D) trade liberalization
  Show Answer
  The correct answer is A .
• Question 323:

  The Economic Commission for Africa was set up by the?

  Options:
  A) UNO
  B) ECOWAS
  C) OAU
  D) IMF
  Show Answer
  The correct answer is A .
• Question 324: A company's expenditure on raw materials is regarded as? Options:
  A) explicit cost
  B) implicit cost
  C) prime cost
  D) average cost
  Show Answer
  The correct answer is A .
• Question 325: As consumption of beer increases, its marginal utility to a drinker will Options:
  A) Increase
  B) Remain constant
  C) Fluctuate
  D) Decrease
  E) Change proportionally
  Show Answer
  The correct answer is D .
• Question 326: The demand for factors of production is an example of? Options:
  A) joint demand
  B) competitive demand
  C) derived demand
  D) composite demand
  Show Answer
  The correct answer is C .
• Question 327: In Nigeria, most agricultural policies are aimed at______? Options:
  A) Ensuring equitable distribution of income
  B) Liberalizing all sectors of the nation's economy
  C) Encouraging the development of manufacturing sector
  D) Achieving self-sufficiency in food production
  Show Answer
  The correct answer is D .
• Question 328: A long-term capital outflow is recorded in the balance of payment as a Options:
  A) credit on the capital account
  B) credit on the current account
  C) debit on the current account
  D) debit on the capital account
  Show Answer
  The correct answer is D .
• Question 329: Capital earns income because? Options:
  A) it is productive
  B) it is expensive
  C) it is always cheaper to substitute capital for labour
  D) it is technically more efficient than labour
  E) both A and B above
  Show Answer
  The correct answer is A .
• Question 330: Minimum wage legislation will result in Options:
  A) reduced income
  B) greater supply labour
  C) reduced labour productivity
  D) greater demand for labour
  Show Answer
  The correct answer is B .