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 1541: 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 1542: The main industrial cities in Nigeria are Options:
  A) Ikeja, Kano, Onitsha and Port-Harcourt
  B) Kaduna, Dutse, Ogbomoso a Calabar
  C) Kano, Ilesa, Vadeikya and Afikpo
  D) Maiduguri, Ikote Ekiti, Moniya and Akungba
  E) Mokwa, Ijebu-ode, Warri and Gummel
  Show Answer
  The correct answer is A .
• Question 1543:

  In economic life, the choice among alternatives depends on the?

  Options:
  A) income of the decision maker
  B) scarcity of resources
  C) the scale of preference of the decision-maker
  D) status of the decison maker
  Show Answer
  The correct answer is C .
• Question 1544: The best measure of dispersion to determine the tallest tree in a forest is Options:
  A) range
  B) variance
  C) standard deviation
  D) mean deviation
  Show Answer
  The correct answer is B .
• Question 1545: If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is Options:
  A) excise duties
  B) import duties
  C) quotas
  D) tariff
  Show Answer
  The correct answer is C .
• Question 1546: The monetization policy is an offshoot of Options:
  A) NEEDS
  B) SAP
  C) PAYE
  D) MDGs
  Show Answer
  The correct answer is A .
• Question 1547: Two basic features common to an industry are Options:
  A) production processes and source of capital
  B) source of capital and labour supply
  C) similarity of products and source of raw materials
  D) similarity of products and production processes
  Show Answer
  The correct answer is D .
• Question 1548: If P₈ and P₉ represent the population of West African in 1978 and 1979 respectively, and given that in 1979.D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by Options:
  A) P₉ = P₈ + D - B = I - E
  B) P₉ = P₈ + B - D + I - E
  C) P₉ =P₈ + B - D + E - I
  D) P₉ = B - D + I - E
  E) P₉ = P₈ + B + D + I + E
  Show Answer
  The correct answer is B .
• Question 1549:

  In manufacturing, division of labour may be hindered by

  Options:
  A) excessive demand for the product
  B) low level of technology
  C) excess supply of labour
  D) increase in the export of goods
  Show Answer
  The correct answer is B .
• Question 1550: Bills of exchange originates from a? Options:
  A) central bank
  B) commercial bank
  C) community bank
  D) development bank
  Show Answer
  The correct answer is B .