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 821: The benefits that accrue to a firm as a result of an improvement in the industry it belongs to are called? Options:
  A) internal economies of scale
  B) economies of scale
  C) market economies
  D) external economies
  Show Answer
  The correct answer is D .
• Question 822: Plywood industries are often located near the source of? Options:
  A) finance
  B) labour
  C) power supply
  D) raw materials
  Show Answer
  The correct answer is D .
• Question 823: A sustained increase in the production of goods and service in a country is called economic? Options:
  A) development
  B) growth
  C) diversification
  D) planning
  Show Answer
  The correct answer is B .
• Question 824: 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 825: If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units, the demand is said to be Options:
  A) perfectly elastic
  B) inelastic
  C) elastic
  D) perfectly inelastic
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  The correct answer is B .
• Question 826: ECOWAS secretariat is located in Options:
  A) Abuja, Nigeria
  B) Accra, Ghana
  C) Conakry, Guinea
  D) Freetown, Sierra Leone
  E) Monrovia, Liberia V
  Show Answer
  The correct answer is A .
• Question 827:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 828: The value of the multiplier depends on? Options:
  A) MPC and level of income
  B) level of personal income
  C) level of personal savings
  D) government policy and MPC
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  The correct answer is D .
• Question 829: Which of the following statements bestdescribes the relationship between average product and marginal products? Options:
  A) Marginal product and average product curves rise and falls together
  B) Marginal product equals average product at the minimum point of the latter
  C) Average product curve will rise as product is greater than average product
  D) Marginal product at the maximum point of the fomer
  Show Answer
  The correct answer is B .
• Question 830: Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as? Options:
  A) proportional tax
  B) progressive tax
  C) competitive tax
  D) excise tax
  E) regressive tax
  Show Answer
  The correct answer is E .