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 1761: An advantage of the range as a measure of dispersion is that it Options:
  A) can be used to calculate open-ended distribution
  B) make use of all values of observations in a distribution
  C) takes all values into consideration
  D) is useful for further statistical calculation
  Show Answer
  The correct answer is A .
• Question 1762: The rate of interest change on loans depends largely on Options:
  A) the prevailing exchange rate
  B) marginal efficiency of capital
  C) the risk associated with the loan
  D) the prevailing tax rate
  Show Answer
  The correct answer is C .
• Question 1763:

  

  A country's budget allocation to various sectors of the economy is shown in the pie chart above...
  Use it to answer this question.

  What is the ratio of expenditure on health to Agriculture if the yearly budget is 7200?

  Options:
  A) 2: 3
  B) 3:4
  C) 4:3
  D) 5:4
  Show Answer
  The correct answer is B .
• Question 1764:

  The most reliable and acceptable index of economic growth is the__________

  Options:
  A) Wholesale Price Index
  B) Consumer Price Index
  C) National Income
  D) Retailer's Price Index
  Show Answer
  The correct answer is C .
• Question 1765: Which of the following producer is closest to being a monopolist? Options:
  A) A baker
  B) A wheat farmer
  C) A large chain store
  D) An automobile plant
  Show Answer
  The correct answer is D .
• Question 1766:

  

  The shaded triangle in the diagram above is known as

  Options:
  A) excess supply
  B) consumer surplus
  C) excess consumption
  D) producer surplus
  Show Answer
  The correct answer is B .
• Question 1767:

  X	2	3	4	5
  F	2	5	2	1

   

  From the table, the mean of the distribution is___________

  Options:
  A) 2.2
  B) 2.5
  C) 3.2
  D) 4.5
  Show Answer
  The correct answer is C .
• Question 1768: Which of the following is NOT a determinant of changes in supply? Options:
  A) Changes in the cost of production
  B) Technical progress
  C) Weather
  D) Changes in the number of producers
  E) Changes in the number buyers
  Show Answer
  The correct answer is E .
• Question 1769: 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 1770: 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 .