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 161:

  Class mark (₦)	2	5	8	11	14
  Frequency	2	3	1	3	1

  The table shows the wage distribution of workers.Calculate the mean wage

  Options:
  A) ₦7.40
  B) ₦4.00
  C) ₦10.00
  D) ₦14.80
  Show Answer
  The correct answer is A .
• Question 162:

  A typical corporate form of business organization is owned by ______

  Options:
  A) Shareholders
  B) A local government
  C) The president of a country
  D) Foreigners and citizens of the country.
  Show Answer
  The correct answer is A .
• Question 163: Scale of preference refers to? Options:
  A) consumers preference for luxury goods
  B) the household monthly income
  C) list of goods and servicesin order of priority
  D) budget perparation without paying due regard to priority
  Show Answer
  The correct answer is C .
• Question 164: Two goods, X and Y, are said to be complementary when? Options:
  A) A fall in the price of X raises the demand for Y
  B) A fall in the price of X causes a fall in the demand for Y
  C) A fall in the price of X does not affect the demand for Y
  D) A rise in the price of X does not affect the demand for Y
  E) The two goods are competitive.
  Show Answer
  The correct answer is A .
• Question 165: The demand for salt is ………… Options:
  A) Elastic
  B) Inelastic
  C) Unitary elastic
  D) both a and b
  Show Answer
  The correct answer is B .
• Question 166: When a government owns enterprises, a number of advantage arise. Which of thefollowing is NOT one of such advantages? Options:
  A) More capital is provided
  B) Price policy may be the interest of consumers
  C) Government workers may be indifferents towards the public
  D) Infrasturcture are rapidly developed
  E) income may be more evenly distributed
  Show Answer
  The correct answer is C .
• Question 167: Population density is described as the Options:
  A) average number of people per square kilometre
  B) average number of people in a country
  C) total population excluding migration
  D) total population including net migration
  Show Answer
  The correct answer is A .
• Question 168: What is the most important factor influencing the location of the iron and steel industry at Ajaokuta? Options:
  A) Availability of labour in the area
  B) Acces to transport facilities
  C) Nearness of raw materials
  D) Availability of power
  E) Nearness of Technical and Engineering School
  Show Answer
  The correct answer is C .
• Question 169: In the circular flow of income model, the outflow variables represent Options:
  A) Income
  B) Expenditure
  C) Injections
  D) Leakages
  Show Answer
  The correct answer is D .
• Question 170:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .