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 1201: The mean is the best measure of central tendency because it Options:
  A) is not affected by extreme values in a data
  B) is a midpoint value in an array of data
  C) is a balancing point in an observation
  D) can be calculated from incomplete data
  Show Answer
  The correct answer is C .
• Question 1202: The labour force in Nigeria falls between the ages of Options:
  A) 18 and 45
  B) 18 and 55
  C) 18 and 30
  D) 18 and 60
  Show Answer
  The correct answer is D .
• Question 1203: A commercial bank is unique in that it is only the institution that Options:
  A) makes loans to private people and businessmen
  B) accept deposits
  C) can store peoples' valuables
  D) can transfer money from one place to another for its customers
  E) saves money through the granting of credits
  Show Answer
  The correct answer is C .
• Question 1204: Given that TC = TFC + TVC and TR = AR x Q, profit is equal to Options:
  A) (AR + Q) - TFC
  B) $\frac{\text{(TFC + TVC)}}{Q}$
  C) (AR x Q) - TC
  D) $\frac{\text{(TC x Q)}}{AR}$
  Show Answer
  The correct answer is C .
• Question 1205: If you do not have to give anything in order to get a particular thing, then its opportunity cost is? Options:
  A) zero
  B) not measurable
  C) its price in money
  D) infinite
  E) equal to one
  Show Answer
  The correct answer is A .
• Question 1206:

  

  What is the population growth rate in 2003?

  Options:
  A) 33.3%
  B) 20.0%
  C) 11.0%
  D) 50%
  Show Answer
  The correct answer is D .
• Question 1207: The term of trade can be expressed as Options:
  A) (Price index of export ÷ Price index of export)× 100
  B) (price index of import ÷ price index of export) × 100
  C) (Price index of export ÷ Price index of import)× 100
  D) (Price index of export ÷ Price index of import)× 100
  Show Answer
  The correct answer is C .
• Question 1208: The problem of planning in Nigeria is mainly in the Options:
  A) implementation of the plans
  B) appraisal of the plans
  C) allocation of scarce resources
  D) articulation of the plans
  Show Answer
  The correct answer is A .
• Question 1209:

  Assume that, for a certain country in a given year, the index of import prices stands at 102, the index of export prices stands at 106. The terms of trade are (to the nearest whole number)

  Options:
  A) 208
  B) 104
  C) 54
  D) 4
  Show Answer
  The correct answer is B .
• Question 1210: The population of a country will decrease if Options:
  A) the death rate exceeds the birth rate
  B) immigration is equal to emigration
  C) the birth rate exceeds the death rate
  D) there is rapid economic growth
  Show Answer
  The correct answer is A .