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: An upward review of the retirement age will affect the Options:
  A) wage rate
  B) demand for labour
  C) supply of labour
  D) tax rate
  Show Answer
  The correct answer is C .
• Question 22:

  As a factor of production, the reward for land is?

  Options:
  A) Profit
  B) Interest
  C) Rent
  D) Wage
  Show Answer
  The correct answer is C .
• Question 23: When the slope of the total utility curve is declining, the marginal utility of a consumer will be increasing if he Options:
  A) stops consuming more of the commodity
  B) reduces the quantity consumed
  C) increases the quantity consumed
  D) consumes more of another commodity
  Show Answer
  The correct answer is C .
• Question 24: An advantage of the range as a measure of dispersion is that it Options:
  A) can be used to calculate open-ended distribution
  B) make use of all values of observations in a distribution
  C) takes all values into consideration
  D) is useful for further statistical calculation
  Show Answer
  The correct answer is A .
• Question 25: In the operation of market forces, the market is in equilibrium at the point where? Options:
  A) demand and supply curve intersect in more than one point provided the market is cleared
  B) the excess in market can be conveniently stored
  C) excess demand is negative
  D) demand and supply curves intersect
  Show Answer
  The correct answer is D .
• Question 26: One of the major advantages of specialization is that? Options:
  A) the worker becomes a tenderer of machines
  B) it causes more employment of labour
  C) less machinery is required for production
  D) the worker wastes less time between operations
  Show Answer
  The correct answer is D .
• Question 27: Localization of industries refers to the? Options:
  A) tendency to concentrate industries in particular areas
  B) sitting of industries in certain areas
  C) deliberate policy of influencing location of industries generally
  D) zoning of industries
  Show Answer
  The correct answer is A .
• Question 28: Which of the following would most likely be considered an example of benefit taxation? Options:
  A) Excise tax
  B) Corporate income tax
  C) Property tax
  D) Highway-user tax
  Show Answer
  The correct answer is D .
• Question 29:

  What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?

  Options:
  A) Availability of labour in the area
  B) Availability of power
  C) Nearness of raw material
  D) Access to transport facilities
  Show Answer
  The correct answer is C .
• Question 30: A supply curve is positively sloped because Options:
  A) supply always exceeds demand
  B) demand always exceeds supply
  C) price is an incentive to consumers
  D) price is an incentive to producers
  Show Answer
  The correct answer is D .