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 21: Consumer surplus tends to be higher when demand is Options:
  A) inelastic
  B) perfectly elastic
  C) elastic
  D) unitarily elastic
  Show Answer
  The correct answer is C .
• Question 22:

  Summary of product condition in countries i and iiAmount of labour days, cocoa(tons) Cloth(tons)

  Country i 200 600 900

  Country ii 200 300 800 From the above table, we can correctly say in respect of international trade that

  Options:
  A) Country I has absolute disadvantage in the production of both cocoa cloth
  B) Country I has absolute advantage in the production of both cocoa and cloth
  C) Country II has absolute advantage in the production of both cocoa and cloth
  D) Country II has comparative advantage in the production of cocoa
  E) Country II should leave the production of both cocoa and cloth to country I
  Show Answer
  The correct answer is B .
• Question 23: Internal economies of scale are expected to bring about? Options:
  A) an increase in short-run average cost
  B) an increase in long-run average cost
  C) a decrease in long-run average cost
  D) a decrease in short-run average cost
  Show Answer
  The correct answer is B .
• Question 24: The difference between payments and receipts for visible trade is called Options:
  A) bilateral trade
  B) current balance
  C) balance of payments
  D) balance of trade
  Show Answer
  The correct answer is D .
• Question 25: When a variable is associated with time period, it is? Options:
  A) a flow
  B) a stock
  C) circular
  D) static
  Show Answer
  The correct answer is A .
• Question 26: Which is NOT an important factor responsible for high concentration of population in some part of Nigeria? Options:
  A) Climate influences
  B) Development of trade and markets
  C) Soil fertility
  D) Processing of petroleum oil
  E) Concentration of educational facilities
  Show Answer
  The correct answer is D .
• Question 27: Petro-chemical industries are located in the Rivers State of Nigeria because of ________? Options:
  A) favourable soil
  B) coal deposit
  C) crude oil deposit
  D) favourable climate
  Show Answer
  The correct answer is C .
• Question 28: International trade arise because? Options:
  A) one country has more abundant resource
  B) one country has the technology to produce the commodity whilst the other has not
  C) one country has the maximum comparative advantage or minimum comparative disadvantage in the production
  D) one country has manpower to produce the commodity than the country
  E) All of the above
  Show Answer
  The correct answer is E .
• Question 29:

  In manufacturing, division of labour may be hindered by

  Options:
  A) excessive demand for the product
  B) low level of technology
  C) excess supply of labour
  D) increase in the export of goods
  Show Answer
  The correct answer is B .
• Question 30: An example of an indirect tax is Options:
  A) profit tax
  B) sales tax
  C) capital gain tax
  D) poll tax
  Show Answer
  The correct answer is B .