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 1981: If the increase in the price of yams is used to estimate the inflation rate, this is an example of Options:
  A) deductive reasoning
  B) inductive reasoning
  C) normative reasoning
  D) positive reasoning
  Show Answer
  The correct answer is B .
• Question 1982: The output at which total revenue equals total cost is known as? Options:
  A) profit-maximizing output
  B) break even level output
  C) loss-minizing output
  D) least-cost output
  Show Answer
  The correct answer is B .
• Question 1983: The modal value of 3, 8, 4, 6, 3, 5, 2, 7, 3 and 5 is Options:
  A) 6
  B) 3
  C) 4
  D) 5
  Show Answer
  The correct answer is B .
• Question 1984:

  $\begin{array}{cc}\text{Population(Million)}& \text{Food Production(Milion tonnes)}\\ 50& 220\\ 70& 210\\ 90& 225\\ 100& 275\end{array}$

  In the data above, what is the optimum population in million?

  Options:
  A) 50
  B) 70
  C) 90
  D) 100
  Show Answer
  The correct answer is A .
• Question 1985: If the demand for a good is more elastic than its supply, the tax burden is borne Options:
  A) equally by consumers and producers
  B) more by producers
  C) more by consumers
  D) more by retailers and producers
  Show Answer
  The correct answer is B .
• Question 1986: The effectiveness of devaluation as a solution to a balance of payments problem depends on the Options:
  A) value of visible and invisible goods
  B) value of invisible items of both domestic and foreign trades
  C) relative elasticities of demand and supply of imports and exports
  D) foreign investments of businessmen
  Show Answer
  The correct answer is C .
• Question 1987: The voting power in co-operative societies is vested on Options:
  A) management
  B) members without loan
  C) shareholders
  D) members with the highest contribution
  Show Answer
  The correct answer is C .
• Question 1988:

  

  Elasticity of demand is an effective tool in the hand of a producer in that it enables him

  Options:
  A) rise his profits and lower his, costs
  B) discourage buyers from cheating
  C) determine what he will produce
  D) set his price to maximize his profit
  Show Answer
  The correct answer is A .
• Question 1989: The raising of funds by selling stocks to the public is called Options:
  A) equity financing
  B) deficit financing
  C) loan financing
  D) debt financing
  Show Answer
  The correct answer is A .
• Question 1990: If C stands for consumption expenditure, I for investment, X for exports, and M for imports, then national income is? Options:
  A) C + I + X + M
  B) C + I +X - M
  C) C + I - X + M
  D) C + I + X
  Show Answer
  The correct answer is B .