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 891:

  Industrialization is the process of___________

  Options:
  A) concentrating a firm in a place
  B) transforming as economy based on extractive to manufacturing
  C) transferring a government industry to individual
  D) transforming finished goods into semi-finished goods
  Show Answer
  The correct answer is B .
• Question 892: All the following are problems identified with agriculture in West Africa except Options:
  A) land tenure system
  B) ignorance of the farmers
  C) use of crude implement
  D) provision of food for the teeming population
  Show Answer
  The correct answer is D .
• Question 893:

  When a union is composed of workers with the same skill , it is called____________

  Options:
  A) An industrial union
  B) A workers union
  C) A craft union
  D) A technical union
  Show Answer
  The correct answer is C .
• Question 894: The degree of specialization is limited by the Options:
  A) avalibility of specialized skills and machinery
  B) marginal cost exceeding marginal revenue
  C) extent of the market
  D) disadvantage of standardization
  Show Answer
  The correct answer is A .
• Question 895: The form of capital which is usually consumed or transformed into finished goods and services in the production process is called? Options:
  A) industrial capital
  B) social capital
  C) fixed capital
  D) circulating capital
  Show Answer
  The correct answer is D .
• Question 896: The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as? Options:
  A) budget deficit
  B) balance budget
  C) budget surplus ‘
  D) budget statement
  E) unfavourable budget.
  Show Answer
  The correct answer is A .
• Question 897: The short-run average variable cost of a firm will rise owing to Options:
  A) the expansion of factory space
  B) the building of new warehouse
  C) an increase in the cost of labour
  D) an increase in the salaries of directors
  Show Answer
  The correct answer is C .
• Question 898: What is the elasticity of demand for commodity X, if at a price of N25 the quantity demanded is 80 and when the price is reduced to N20 the quantity demanded is 100? Options:
  A) 1.25
  B) 1.45
  C) 0.25
  D) 0.15
  Show Answer
  The correct answer is A .
• Question 899:

  

  In the circular flow of income above, the direction of flow ofpayments for consumption purchases is shown by the arrow

  Options:
  A) K
  B) L
  C) M
  D) N
  Show Answer
  The correct answer is A .
• Question 900: The higher the the dependency ratio the? Options:
  A) larger the proportion of the employed relative to the unemployed
  B) smaller the proportion of the active labour force relative to the inactive
  C) smaller the number of the non-working age groups relative to the active labour force
  D) lower the birth rate
  Show Answer
  The correct answer is B .