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 1251: Efficiency in production involves? Options:
  A) reducing the size of the workforce
  B) producing a given output with the lowest cost combination of factors of production
  C) adoption of capital-intensive technology
  D) increasing the quantity of the fixed factor of production
  Show Answer
  The correct answer is B .
• Question 1252: An accurate census figure is an important tool for planners in Options:
  A) providing employment
  B) siting industries
  C) providing social amenities
  D) allocating resources
  Show Answer
  The correct answer is C .
• Question 1253: If government expenditure exceeds revenue, this result in Options:
  A) balanced budget
  B) national debt
  C) budget deficit
  D) budget surplus
  Show Answer
  The correct answer is C .
• Question 1254: The ordinalist approach of utility postulated that utility can be Options:
  A) Rank
  B) Measurable
  C) Rise
  D) Fall
  Show Answer
  The correct answer is A .
• Question 1255: Cost - push inflation occurs when_______ Options:
  A) production cost is high
  B) government embarks on deficits financing
  C) factors decrease
  D) there is too much in circulation
  Show Answer
  The correct answer is A .
• Question 1256: 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 1257: If demand is relatively inelastic and sellers are able to raise the price of their commodity, then there we be a? Options:
  A) fall in both quantity of demand and total revenue
  B) fall in the quantity demanded and rise in total revenue
  C) fall in the quantity demanded and rise in marginal revenue
  D) rise in both the quantity demanded and the marginal revenue
  Show Answer
  The correct answer is A .
• Question 1258: 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 1259: A distribution is said to be positively skewed if it Options:
  A) has a long tail to the left
  B) has a long tail to the right
  C) is bimodal
  D) is bell-shaped
  Show Answer
  The correct answer is B .
• Question 1260:

  In recent years, Nigeria's balance of payments has continued to register a deficit due to (i) increased government overseas' spending.

  (ii) increasing prices of exports.(iii) rising import prices .(iv)more payment to overseas' investors.

  Options:
  A) i, ii and iii
  B) i, ii and iv
  C) i, ii, iii and vi
  D) i, ii, iii and iv
  Show Answer
  The correct answer is C .