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 1831:

  Given 0.25, 1.25, 1.80, 1.110, 10.20, 10.15 and 1.55.

  Determine the range?

  Options:
  A) 0.25
  B) 10.00
  C) 1.55
  D) 9.95
  Show Answer
  The correct answer is D .
• Question 1832: 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 1833:

  The Nigerian bank for commerce and industry is?

  Options:
  A) a commercial bank
  B) a development bank
  C) an industrial bank
  D) a merchant bank
  Show Answer
  The correct answer is B .
• Question 1834: The source of all economic problems arises from Options:
  A) wants
  B) Scarcity
  C) Opportunity Cost
  D) Scale of Preference
  Show Answer
  The correct answer is B .
• Question 1835: The economic policy of privatization came up as a result of the poor performance of Options:
  A) commercial banks
  B) small-scale businesses
  C) public enterprises
  D) private enterprises
  Show Answer
  The correct answer is C .
• Question 1836:

  

  If the GDP is ₦60 billion, what is the difference between the contributions of oil and manufacturing sectors?

  Options:
  A) ₦11.7 billion
  B) ₦13.3 billion
  C) ₦21.7 billion
  D) ₦26.6 billion
  Show Answer
  The correct answer is C .
• Question 1837: A major effect of a long distribution chain is? Options:
  A) high retail prices
  B) scarcity of commodities
  C) low retail prices
  D) low producer earnings
  Show Answer
  The correct answer is B .
• Question 1838: A distinguishing characteristic of cooperative societies is that voting power depends on the? Options:
  A) number of shares held
  B) status of the member
  C) equality of members
  D) management's decision
  Show Answer
  The correct answer is C .
• Question 1839: One of the goals of development plans in Nigeria is to Options:
  A) increase the profitability of multinational businesses
  B) improve the country's GDP
  C) achieve higher standard of living for the citizens
  D) deregulate the economy
  Show Answer
  The correct answer is C .
• Question 1840:

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

  What is the median wage?

  Options:
  A) ₦8.00
  B) ₦5.00
  C) ₦11.00
  D) ₦6.50
  Show Answer
  The correct answer is D .