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 1861: The numerical measure of elasticity is Options:
  A) $\frac{\text{\%change in Q}}{\text{\%change in P}}$
  B) $\frac{\text{change in Q}}{\text{change in P}}$
  C) $\frac{\text{\%change in P}}{\text{\%change in Q}}$
  D) $\frac{\text{change in P plus change in Q}}{\text{change in P}}$
  Show Answer
  The correct answer is A .
• Question 1862: Which of the following is a function of the central bank? Options:
  A) Accepting deposits from the public
  B) Agent of payment for individuals
  C) Discounting bills of exchange
  D) Issuing of currency
  E) Provision of short term housing loans
  Show Answer
  The correct answer is D .
• Question 1863: The best method of production in an under populated country is Options:
  A) Labour-extensive
  B) Land-intensive
  C) Capital-intensive
  D) Labour-intensive
  Show Answer
  The correct answer is C .
• Question 1864: An adverse environmental impact of the petroleum industry on the economy is Options:
  A) communal riots
  B) the vandalization of oil equipment
  C) oil spillage
  D) community development
  Show Answer
  The correct answer is C .
• Question 1865: Which of the following will NOT be a barrier to international trade? Options:
  A) Communication hindrances
  B) Easy conversion of currencies
  C) Geographical locations
  D) Ideological differences
  E) Imposition of duties and quotas
  Show Answer
  The correct answer is B .
• Question 1866: A large standard deviation is an indication of Options:
  A) the size of the sample
  B) a wide spread around the mean
  C) a wide difference between the mean and the mode
  D) the difference between the highest and the lowest values
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  The correct answer is B .
• Question 1867: 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 oil sector
  C) rural-urban drift
  D) low prices of agricultural products
  Show Answer
  The correct answer is C .
• Question 1868: The mean of the following scores30, 32, 34, 36, 38, 40 and 42 is 36.What is the mean deviation? Options:
  A) 341
  B) 342
  C) 343
  D) 344
  E) 345
  Show Answer
  The correct answer is C .
• Question 1869:

  The development of an economic hypothesis through intuition, insight, or logic is associated with

  Options:
  A) Deduction
  B) Policy economics
  C) Normative economics
  D) Induction
  Show Answer
  The correct answer is C .
• Question 1870: The types of unemployment that evolved the use of machines to replaces human labour is known as Options:
  A) cyclical unemployment
  B) frictional unemployment
  C) seasonal unemployment
  D) structural unemployment
  E) technological unemployment
  Show Answer
  The correct answer is B .