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 1: The most important requirement for increasing agriculture output in Nigeria is? Options:
  A) for the government to go into large scale farming
  B) to employ relevant foreign technology and reform the land tenure system
  C) to increase farmers'incomes and improve the farming techniques
  D) to employ more extension workers
  Show Answer
  The correct answer is C .
• Question 2: Surplus in balance of payment leads to? Options:
  A) inflation or increasing prices generally
  B) increases in foreign reserves
  C) decreases in foreign reserves
  D) Government budget surplus
  E) none of the above
  Show Answer
  The correct answer is B .
• Question 3:

  X	2	3	4	5
  F	2	5	2	1

   

  From the table, the mean of the distribution is___________

  Options:
  A) 2.2
  B) 2.5
  C) 3.2
  D) 4.5
  Show Answer
  The correct answer is C .
• Question 4: The sector that employs the largest proportion of the active labour force in Nigeria is the? Options:
  A) oil sector
  B) federal civil services
  C) financial sector
  D) agricultural sector
  Show Answer
  The correct answer is D .
• Question 5: Population growth can be calculated as ? Options:
  A) Birth rate + death rate + migration rate + immigration rate
  B) Birth rate – death rate + migration rate -immigration rate
  C) Birth rate + death rate – migration rate + immigration rate
  D) Birth rate – death rate – emigration rate + immigration rate
  E) Birth rate – death rate
  Show Answer
  The correct answer is D .
• Question 6: Which of the following is TRUE at the quantity of output where Average Cost (AC) per unit has reached its minimum level? Options:
  A) AVC=FC
  B) MC=AVC
  C) MC=AC
  D) AC=AFC
  Show Answer
  The correct answer is C .
• Question 7:

  

  The percentage contribution of manufacturing sector is

  Options:
  A) 67.5
  B) 40.0
  C) 32.4
  D) 25.0
  Show Answer
  The correct answer is D .
• Question 8: The OPEC marketing policy of fixing minimum price allows members to Options:
  A) sell above minimum price
  B) sell below minimum price
  C) determine the price and quantity to sell
  D) negotiate price with customers
  Show Answer
  The correct answer is A .
• Question 9: Which of the following is an external economy derived by a firm? Options:
  A) Low cost opportunities enjoyed by being in a place where other producers concentrate
  B) Technical economics enjoyed by varying the factors of production
  C) Economics of management by putting administrators where the are most efficient
  D) marketing advantages attained through preferential treatment in the purchase and distribution of produce
  Show Answer
  The correct answer is A .
• Question 10: If aggregate demand is lower than total output in an economy national income will Options:
  A) be constant
  B) be at equilibrium
  C) increase
  D) fall
  Show Answer
  The correct answer is D .