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 1061: Long-run in economic mean a period of time in which Options:
  A) all factor inputs are not being used
  B) all factor inputs are variable
  C) all factor inputs are fixed
  D) only few factor inputs are variable
  E) firms are not producing at all
  Show Answer
  The correct answer is B .
• Question 1062: The standard deviation of a set of data is Options:
  A) always measured from the mode
  B) the most representative of averages
  C) always measured from the median
  D) a measure of dispersion
  Show Answer
  The correct answer is D .
• Question 1063: High dependency ratio is influenced by Options:
  A) high infant mortality rate
  B) the level of income
  C) high birth rate
  D) inadequate medical care for children
  Show Answer
  The correct answer is C .
• Question 1064:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 1065:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1066: The migration of young people from rural to urban areas in Nigeria should help to raise the? Options:
  A) standard of living in the urban areas
  B) total productivity of labour in the rural areas
  C) marginal productivity of labour in the rural areas
  D) marginal productivity of labour in the urban areas
  Show Answer
  The correct answer is D .
• Question 1067: A distinguishing characteristics of a consumers' cooperative is the fact that Options:
  A) the customers are the owners
  B) the customers are the workers
  C) the customers are the managers
  D) the customers are low income people
  E) the customers are high income people
  Show Answer
  The correct answer is A .
• Question 1068:

  Which of the following matters may account for changes in demand?

   

  I - changes in consumer preferences

  II - changes in real income

  III - changes in distribution of incomes

  IV - changes in levels of taxation

   

   

  Options:
  A) I, II
  B) II, III
  C) I, III, IV
  D) I, II, III, IV
  Show Answer
  The correct answer is D .
• Question 1069:

  

  In thediagram above, what is the lowest possible price the monopolist could charge and still break even without there being excess demand?

  Options:
  A) P₁
  B) P₂
  C) P₃
  D) P₄
  Show Answer
  The correct answer is B .
• Question 1070: The most important advantage of co-operative societies is? Options:
  A) their high degree of democracy
  B) the increase inthe cost of marketing
  C) that member are encouraged to save money
  D) the possibility of raising loans for the members
  Show Answer
  The correct answer is D .