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 1451: Localization of industry is encouraged because of Options:
  A) Low interest charges on loans
  B) High standard of living
  C) Low foreign exchange rate
  D) Improvements in infrastructure
  Show Answer
  The correct answer is D .
• Question 1452:

  

  Using the table calculate the net income

  Options:
  A) ₦58m
  B) ₦54m
  C) ₦50m
  D) ₦46m
  Show Answer
  The correct answer is D .
• Question 1453: Which of the following set of statistical tools is used for further economic analysis? Options:
  A) the median and standard deviation
  B) the mean and mode
  C) the mean and standard deviation
  D) the mode and median
  Show Answer
  The correct answer is B .
• Question 1454:

  

  In the diagram, the consumer budget line shift from JK to GH. What can definitely be deduced from the diagram?

  Options:
  A) There has been an increase in the consumer’s money income
  B) There has been a reduction in the price of both A and B
  C) There has been no change in the price of A or B
  D) There has been no change in the price of A relative to the price of B
  Show Answer
  The correct answer is B .
• Question 1455: One of the ways of correcting a deficit balance of payments is to Options:
  A) revalue a country's currency
  B) devalue a country's currency
  C) increase imports
  D) reduce exports
  Show Answer
  The correct answer is B .
• Question 1456:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 1457: An example of a long-run cost of a firm is Options:
  A) fuel and maintenace cost
  B) the planned size of plant equipment
  C) the existing size of plant and equipment
  D) rent on buildings
  Show Answer
  The correct answer is D .
• Question 1458: A firm with marginal cost equals to its marginal revenue will produce the equilibrium output if it is in? Options:
  A) pure competition only
  B) pure monopoly only
  C) monopolistic competition only
  D) any type of market
  Show Answer
  The correct answer is A .
• Question 1459: The following are advantages of standard deviation EXCEPT that it Options:
  A) has greater practical utility In sampling
  B) is a good measure of dispersion since all the values are used in its calculation
  C) is important and useful in the analysis of T- Test
  D) is not a sound mathematical index
  E) is the most popular measure of dispersion in distribution
  Show Answer
  The correct answer is A .
• Question 1460: Double counting is a problem in computing national income when using the Options:
  A) expenditure method
  B) income method
  C) output method
  D) value-added method
  Show Answer
  The correct answer is D .