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 1181: The natural growth rate of a population is the Options:
  A) sum of the birth rate and the death rate
  B) sum of the birth rate and the net migrate rate
  C) birth rate minus death rate
  D) birth rate divided by the net migration
  E) death rate minus the net imgration
  Show Answer
  The correct answer is C .
• Question 1182:

  

  Consider the following diagram where XYZ represents the average curve of a firm. XY shows that as out put increases the average declines. However, this decline cannot continue indefinitely because

  Options:
  A) managerial economies
  B) indivisibilities
  C) the extent of the market
  D) the pooling of dissimilar risks
  Show Answer
  The correct answer is B .
• Question 1183: The greatest proportion of government revenue in Nigeria comes from? Options:
  A) export of raw materials
  B) income taxes on individuals and business
  C) custom duties and excise duties
  D) loans and grants from industrially advanced countries
  Show Answer
  The correct answer is C .
• Question 1184: What will increase the likelihood that the firms in an industry will conclude to maximize their joint profit? Options:
  A) The industry has many differentiated products
  B) The industry is characterized by rapid technological change
  C) The industry consist of large number of producers
  D) There are significant barriers to prevent firms entering the market
  Show Answer
  The correct answer is D .
• Question 1185: An increase in supply will lower price unless? Options:
  A) supply is perfectly inelastic
  B) demand is perfectly inelastic
  C) it is followed by an increase in demand
  D) demand is highly inelastic
  Show Answer
  The correct answer is C .
• Question 1186: Petroleum is the mainstay of the Nigerian economy because it is the? Options:
  A) main foreign exchange earner
  B) greatest employer of labour
  C) greatests contributor to the growth of agriculture
  D) source of high income for its workers
  Show Answer
  The correct answer is A .
• Question 1187:

  Price per tin	Demand per week	Supply per week
  ₦6	0 tins	45 tins
  ₦5	5 tins	35 tins
  ₦4	10 tins	25 tins
  ₦3	15 tins	15 tins
  ₦2	20 tins	5 tins
  ₦1	25 tins	0 tins

  Market for Garri: At a price of ₦5, the excess supply is`

  Options:
  A) 30 tins per week
  B) 45 tins per week
  C) 15 tins per week
  D) 20 tins per week
  E) indeterminate
  Show Answer
  The correct answer is A .
• Question 1188:

  

  The movement of curve I to ll suggests

  Options:
  A) an improvement in capital goods technology but not in consumer goods technology
  B) a movement from unemployment to full employment
  C) that the output for the society has declined
  D) a gain in consumer goods technique and not in capital goods technique
  Show Answer
  The correct answer is A .
• Question 1189:

  In a pie chart, the population of a city is represented by 45. If the country has a population of 10 million people, then the city's population is?

  Options:
  A) 0.0045 million
  B) 4.5 million
  C) 1.25 million
  D) 16 million
  Show Answer
  The correct answer is C .
• Question 1190: Which of the following is likely to reduce a surplus in the balance of payments of a country? Options:
  A) Devaluation
  B) Increased tariff on imports
  C) Export promotion
  D) Currency appreciation
  Show Answer
  The correct answer is D .