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 1701: Which of the following is not true of the theory of optimum population? Options:
  A) It is possible for densely populated country to be underpopulated if it has insufficient labour to make the most effective use of its other factors
  B) The quantity of labour which combined with the other factors gives the minimum output is known as optimum population
  C) The quantity of labour which combined with the other factors, gives the maximum output, is known as optimum population
  D) The test for over-population is whether it exceed the optimum
  E) It is possible for a thinly populated country to be over populated if it has a poor supply of other factor
  Show Answer
  The correct answer is B .
• Question 1702: If a firm doubles all inputs in the long run and the total output is less than doubled, this results in Options:
  A) diminishing returns
  B) constant returns to scale
  C) increasing returns to scale
  D) decreasing returns to scale
  Show Answer
  The correct answer is D .
• Question 1703:

  The sector which contribute highly to the economy is___________

  Options:
  A) Primary sector
  B) Secondary sector
  C) Tertiary sector
  D) Education sector
  Show Answer
  The correct answer is A .
• Question 1704: An isoquant lying above to the right of another represents Options:
  A) a higher output level
  B) constant returns to scale
  C) over-capacity utilization
  D) a lower output level
  Show Answer
  The correct answer is A .
• Question 1705:

  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 .
• Question 1706: The multiplier is defined as Options:
  A) The ratio of the change in income to the change in investment
  B) The change in investment divided by the change in income
  C) $\frac{1}{MPC}$
  D) $\frac{1}{1-\text{MPS}}$
  Show Answer
  The correct answer is A .
• Question 1707: The role of the Central Bank in the economic development of Nigeria is to Options:
  A) give short-and medium-term loans to the public
  B) give financial and technical advice to customers
  C) use cheques and bankdrafts to faciliate business transactions
  D) maintain a stable price system
  Show Answer
  The correct answer is D .
• Question 1708: Inflation can be curbed by Options:
  A) increasing aggregate demand
  B) paying higher wages
  C) increasing government expenditure
  D) reducing aggregate demand
  E) a deficit budget
  Show Answer
  The correct answer is D .
• Question 1709: Other products gotten from Petroleum include the following EXCEPT: Options:
  A) Rubber
  B) fuel
  C) paints
  D) insecticides
  Show Answer
  The correct answer is A .
• Question 1710: A major impediment to the development of agriculture in Nigeria is Options:
  A) land use system
  B) inadequate supply of farm inputs
  C) low income of farmers
  D) limited research on seedlings
  Show Answer
  The correct answer is B .