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 591: The Nigeria Bank for Commerce and Industry is? Options:
  A) a commercial Bank
  B) a developmment bank
  C) an industrial bank
  D) a merchant bank
  Show Answer
  The correct answer is B .
• Question 592: Localization of industries refers to the Options:
  A) spread of firms producing different products
  B) siting of industries near the market
  C) concentration of firms of an industry
  D) siting of firms producing different products
  Show Answer
  The correct answer is C .
• Question 593: Find the median of the following set of data 35,10,14,38,15,18,22,30 and 28 Options:
  A) 10
  B) 38
  C) 35
  D) 22
  Show Answer
  The correct answer is D .
• Question 594: The average product of labour in a given period is obtained by dividing the? Options:
  A) number of workers by the total product
  B) total product by the number of hours actually worked
  C) change in total product by the change in the number of workers
  D) total product by the number of workers
  Show Answer
  The correct answer is D .
• Question 595:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 596: The sharp increase in the prices of most goods and services during the last quarter of 1994 in Nigeria were mainly due to? Options:
  A) ban on importation of foreign goods
  B) population upsurge
  C) the introduction of value-added tax
  D) increase in transport costs
  Show Answer
  The correct answer is C .
• Question 597:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 598: To which of the following sectors do services belong? Options:
  A) Primary
  B) Secondary
  C) Tertiary
  D) Construction
  Show Answer
  The correct answer is C .
• Question 599: Disposable income is total income Options:
  A) less tax
  B) divided by tax
  C) plus tax
  D) multiplied by tax
  Show Answer
  The correct answer is A .
• Question 600: The financial institution known as a building society is Options:
  A) commercial bank
  B) central bank
  C) mortgage bank
  D) development bank
  Show Answer
  The correct answer is C .