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 1751: Short-run period in production is a period too short for a firm to be able to change its Options:
  A) scale of operation
  B) total revenue
  C) total outputs
  D) variable inputs
  Show Answer
  The correct answer is A .
• Question 1752: One of the major causes of farmers' unstable income in Nigeria is _________ Options:
  A) the effect of diseases and pests
  B) industrial pollution
  C) mining and extraction activities
  D) population growth
  Show Answer
  The correct answer is A .
• Question 1753:

  Use the data below to answer this questions

  54, 36, 62, 79, 83, 36, 62, 42, 62, and 42.Calculate the mean?

  Options:
  A) 45.5
  B) 55.6
  C) 55.8
  D) 65.8
  Show Answer
  The correct answer is C .
• Question 1754: A tax on a commodity whose supply is perfectly inelastic is? Options:
  A) shifted completely on the consumer
  B) completely borne by the supplier
  C) dividend in the ratio 60;40 between the consumer and the supplier
  D) divided half-and-half between the producer and the consumer
  Show Answer
  The correct answer is B .
• Question 1755: The basic purpose of imposing legal reserve requirements on commercial bank is to? Options:
  A) assure the profitability of commercial banks
  B) provide a device through which credit creation by banks can be controlled
  C) provide a proper ratio between earning and non-earning bank assets
  D) provide the Central Bank with working capital
  Show Answer
  The correct answer is B .
• Question 1756:

  When a country's population is experiencing increasing returns, that country is said to be?

  Options:
  A) overpopulated
  B) economically poor
  C) over-producing goods and services
  D) under-populated
  Show Answer
  The correct answer is D .
• Question 1757: If demand increases without a change in supply, equilibrium price and quantity will Options:
  A) remain unchanged
  B) shift inward
  C) fall
  D) rise
  Show Answer
  The correct answer is D .
• Question 1758: The system of agriculture practice which involves hunting, gathering and growing of food crops for family consumption only is described as? Options:
  A) peasant agriculture
  B) plantation agriculture
  C) co-operative farming
  D) subsistence farming
  Show Answer
  The correct answer is D .
• Question 1759: Which of the following is NOT directly concerned with dealings in treasury bills? Options:
  A) The stock exchange
  B) The Central bank
  C) Commercial banks
  D) Discount houses
  Show Answer
  The correct answer is D .
• Question 1760: 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 .