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 1851:

  In Nigeria, cheques are not money because________

  Options:
  A) Most Nigerians cannot identity them
  B) They are not legal tender
  C) There are no banks in rural areas
  D) They are not generally acceptable as a medium of exchange
  Show Answer
  The correct answer is B .
• Question 1852: The range is used to Options:
  A) estimate the mean from grouped data
  B) calculate the standard deviation
  C) determine the spread of a set of data
  D) measure the difference between the mean and the mode
  Show Answer
  The correct answer is C .
• Question 1853: The petro- chemical industries are located in the River State of Nigeria due to? Options:
  A) favourable climate
  B) favourable soil
  C) oil deposits
  D) palm oil products
  E) coal deposit
  Show Answer
  The correct answer is C .
• Question 1854: By definition, variable cost (VC) is related to total costs (TC) and fixed costs (FC) by the equation? Options:
  A) VC =TC + FC
  B) VC = TC - FC
  C) VC = TC/FC
  D) VC = (TC)(FC)
  Show Answer
  The correct answer is B .
• Question 1855: A country has a surplus in its balance of visible trade if Options:
  A) the value of imports exceeds the value of exports of goods
  B) the value of exports exceeds the value of import of goods
  C) the value of goods exported is equal to the value of goods imported
  D) it is able to spend a lot on capital programmes
  E) commercial banks assets increase
  Show Answer
  The correct answer is B .
• Question 1856: Utility of a commodity means? Options:
  A) its usefulness
  B) power to satisfy a want
  C) price of the commodity
  D) satisfaction derived from the product of commodity
  E) its adaptability
  Show Answer
  The correct answer is D .
• Question 1857: Occupational mobility as applied to factors of production means the ease by which Options:
  A) factors can be transferred from one form of use to another
  B) resources can be transferred from one place to another
  C) resources can be transformed from one form to another
  D) factors can be transferred from one place to another
  Show Answer
  The correct answer is A .
• Question 1858: The cross-elasticity of demand between complementary goods is? Options:
  A) unitary
  B) positive
  C) zero
  D) negative
  Show Answer
  The correct answer is B .
• Question 1859:

  A movement along a given demand curve for a good is caused by a change in

  Options:
  A) A consumer income
  B) The price of the good
  C) Taste
  D) The prices of other goods
  E) Population
  Show Answer
  The correct answer is B .
• Question 1860: Which of the following is mostly used to determine the cost of living? Options:
  A) Marginal changes in prices
  B) Consumer price index
  C) Prices of imported and exported commodities
  D) producer price index
  Show Answer
  The correct answer is B .