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 1081: The population of Oh-aha L.G.A. WAS 480 000 in December 1980, out of which 60% were females . If within one year no birth were recorded, but 5% of the L.G.A. in December 1981? Options:
  A) 96 000
  B) 192 000
  C) 288 000
  D) 470 400
  Show Answer
  The correct answer is D .
• Question 1082: which of these alternative is wrong? central banks are Options:
  A) bankers to the government
  B) bankers to commercial banks
  C) merchant banks
  D) controllers and regulators of money supply
  E) issuers of bank note
  Show Answer
  The correct answer is C .
• Question 1083: In estimating the national income of a country, the three approaches usually adopted are the? Options:
  A) expenditure, value-added and output
  B) income, final product and output
  C) expenditure,income and output
  D) avoiding of double counting, final expenditure and value added
  Show Answer
  The correct answer is C .
• Question 1084:

  

  Applying the law of comparative costs, how many units of groundnuts will Nigeria produce?

  Options:
  A) 7000 units
  B) 16000 units
  C) 9000 units
  D) 8000 units
  Show Answer
  The correct answer is D .
• Question 1085:

  Class mark (₦)	2	5	8	11	14
  Frequency	2	3	1	3	1

  What is the median wage?

  Options:
  A) ₦8.00
  B) ₦5.00
  C) ₦11.00
  D) ₦6.50
  Show Answer
  The correct answer is D .
• Question 1086: For a firm to break even in the long run, the marginal cost curve must cut the Options:
  A) average variable cost curve at its higest point
  B) average cost cure at its lowest point
  C) average cost curve at its lowest point
  D) total cost cure at its lowest point
  Show Answer
  The correct answer is C .
• Question 1087: Money market differs from capital market in that it? Options:
  A) deals with short-term loans while capital market deals with long-term funds
  B) deals with money only while capital market deals with capital as well
  C) is limited in scope while capital market is not
  D) uses interest rate while capital does not
  Show Answer
  The correct answer is A .
• Question 1088: Which of the following is NOT an advantage of localization of industries? Options:
  A) Reaping of external economies
  B) Development of a pool or skilled labour for industry
  C) Development of subsidiary industries
  D) Development of organized markets
  E) Growth of conurbations
  Show Answer
  The correct answer is E .
• Question 1089: Nigeria's exports usually comprise Options:
  A) consumer goods
  B) capital goods
  C) intermediate goods
  D) primary goods
  Show Answer
  The correct answer is D .
• Question 1090:

  Which of the following statements must hold if price discrimination is to be possible?

  Options:
  A) Elasticities in the various markets must not differ
  B) The seller must recognise the possibility of resale
  C) The market must not be separated but integrated
  D) The markets should be seperable and there should be no resale.
  Show Answer
  The correct answer is C .