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 51: Industries that can be randomly located are characterized by? Options:
  A) relatively low transport cost for both raw materials and output and factor mobility
  B) relatively heavy transport cost for raw material or output
  C) constant returns to scale
  D) signficant economy of scale
  Show Answer
  The correct answer is A .
• Question 52: The major purpose of African Development Bank is to? Options:
  A) provide loans for trade development
  B) provide loans for infrastructural development
  C) provide loans for develpment banks in distress
  D) educate peasant farmers in new techniques
  Show Answer
  The correct answer is B .
• Question 53: One of the major factors that brings about changes in supply is Options:
  A) market discrimination
  B) availability of storage facilities
  C) the cost of storage
  D) incentives granted to workers
  Show Answer
  The correct answer is C .
• Question 54: The tax levied on goods and services at each stage of production is Options:
  A) surtax
  B) VAT
  C) ad valorem tax
  D) PAYE
  Show Answer
  The correct answer is B .
• Question 55: All the following are types of specialization except Options:
  A) Manager Specialization
  B) Product specialization
  C) Specialization by sex
  D) Geographical specialization
  Show Answer
  The correct answer is A .
• Question 56:

  The term 'investment' in macroeconomics means

  Options:
  A) Profit
  B) Total amount of money invested in bonds and stocks
  C) The total amount of capital goods in the country
  D) The production of goods for immediate consumption
  Show Answer
  The correct answer is C .
• Question 57: The population of Oh-aha L.G.A. WAS 480 000 in December 1980, out of which 60% were females . If within one year no birth were recorded, but 5% of the L.G.A. in December 1981? Options:
  A) 96 000
  B) 192 000
  C) 288 000
  D) 470 400
  Show Answer
  The correct answer is D .
• Question 58:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 59: Optimum population is the population level at which? Options:
  A) death rate is at a minimum
  B) per capita income is at a maximum
  C) population is at a maximum
  D) death rate is equal to birth rate
  Show Answer
  The correct answer is B .
• Question 60:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .