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 2221: Which of the following sets fully represents factors of production? Options:
  A) Sunlight, machinery, man , land,
  B) Land, labour, capital, enterprise, technology
  C) Capital, technology, idaes, markets, land
  D) Land, water, weather
  E) Money, market , middlemen
  Show Answer
  The correct answer is B .
• Question 2222: The size of a business units tends to be small if the activity? Options:
  A) involves mass production of goods
  B) requires a large capital
  C) requires division of labour
  D) involves the provision of direct services
  Show Answer
  The correct answer is D .
• Question 2223: The crucial factors which determine the location of petroleum refineries in Nigeria are availability of raw materials and? Options:
  A) capital
  B) political consideration
  C) nearness to source of power
  D) labour
  Show Answer
  The correct answer is B .
• Question 2224: Personal distribution of income implies? Options:
  A) the way in which income is distributed among specific households or spending units
  B) the distribution of income according to basic resources
  C) dividing income according to industries
  D) dividing income between personal taxes, consumption expenditures and savings
  Show Answer
  The correct answer is A .
• Question 2225:

  The question below is based on the table below:

  The international production set for Nigeria and Austria is:

  $\begin{array}{ccc}\text{Products}& \text{Nigeria}& \text{Austria}\\ \text{Cocoa}& 20\text{ tonnes}& 12\text{ tonnes}\\ \text{Lace}& 10\text{ meters}& 8\text{ meters}\end{array}$

  The opportunity cost ratio for cocoa and lace for Austria and Nigeria is

  Options:
  A) 2,2
  B) 2,1.5
  C) 1.5,4
  D) 1.5,2
  E) 0.5,1.5
  Show Answer
  The correct answer is D .
• Question 2226:

  

  A movement from M to T implies that there has been

  Options:
  A) A decrease in supply
  B) An increase in demand
  C) A decrease in price
  D) An increase in price
  Show Answer
  The correct answer is D .
• Question 2227: A persistent rise in the prices of inputs will lead to Options:
  A) hyperinflation
  B) stagflation
  C) cost-push inflation
  D) demand-pull inflation
  Show Answer
  The correct answer is C .
• Question 2228: Fiscal policy involves changes in? Options:
  A) open market operations
  B) revenue and expenditure of government
  C) money supply to the economy
  D) imports and exports
  Show Answer
  The correct answer is B .
• Question 2229:

  Palm oil industry is located in Old Bendel State because the state______

  Options:
  A) Land is suitable for oil
  B) Is a palm tree growing area
  C) Soil is unsuitable for other crops
  D) Imports raw materials for palm oil industry
  Show Answer
  The correct answer is B .
• Question 2230:

  

  Use the diagram above to answer this question. Identity the three Important factors that can make S_o to become either S₁ or S₂

  Options:
  A) Technology, weather and population
  B) Technology, price and tastes
  C) Weather, price and technology
  D) Population, weather and teastes
  Show Answer
  The correct answer is C .