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 1731: Find the range in the following data 9, 15, 6, 20, 24, 18, 12, 8, 20, 10, 5. Options:
  A) 24
  B) 5
  C) 19
  D) 12
  Show Answer
  The correct answer is C .
• Question 1732: In a perfectly competitive market, the firm is in long-run equilibrium at the output where? Options:
  A) marginal cost is minimum
  B) average cost is minimum
  C) total cost is minimum
  D) marginal cost revenue is maximum
  Show Answer
  The correct answer is B .
• Question 1733:

  In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of?

  Options:
  A) lack of an effective agricultural policy
  B) employment opportunities in the agricultural sector
  C) rural-urban drift
  D) low prices of agricultural products
  Show Answer
  The correct answer is C .
• Question 1734:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 1735:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D .
• Question 1736: A country exporting mainly primary products and with a high percentage of her labour force in agriculture is said to be? Options:
  A) developing
  B) developed
  C) poor
  D) underdeveloped
  Show Answer
  The correct answer is A .
• Question 1737: The theory of income determination is traced to Options:
  A) Rev Thomas Mathus
  B) Lord John Mynard Keynes
  C) Prof Adam Smith
  D) R G Lipsey
  E) Prof Umar SI
  Show Answer
  The correct answer is B .
• Question 1738: Which of the following financial assets consist the lowest rate of interest in Nigeria? Options:
  A) commercial bills
  B) call money
  C) treasury bills
  D) development loan stocks
  E) deposits with the federal savings bank
  Show Answer
  The correct answer is D .
• Question 1739: The Malthusian theory of population predicts that growth in food production will? Options:
  A) keep pace with population growth
  B) be at a faster rate than population growth
  C) be at a slower rate tthan population growth
  D) be more rapid than population growth in the developing countries
  Show Answer
  The correct answer is C .
• Question 1740:

  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 .