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 2001: Range is NOT the best method of measuring dispersion because it considers only the Options:
  A) first number
  B) first two numbers
  C) frequently occurred number
  D) middle number
  E) two extreme number
  Show Answer
  The correct answer is E .
• Question 2002:

  

  The relationship between tax rate and income which is relevant to a progressive tax is shown by

  Options:
  A) curve X
  B) curve Y
  C) curve Z
  D) curve X and Z
  Show Answer
  The correct answer is B .
• Question 2003: The major determinant of the total volume of output in an economy is the Options:
  A) level of total expenditure
  B) composition of consumer spending
  C) number of farmers
  D) size of the labour force
  Show Answer
  The correct answer is A .
• Question 2004: Business organization in which the owners' personal property may be forfeited in the event of bankruptcy are Options:
  A) partnerships and limited liability companies
  B) partnerships and sole proprietorships
  C) cooperatives and sole proprietorship
  D) corporation and sole proprietorship
  Show Answer
  The correct answer is B .
• Question 2005:

  Which of the following is an advantage of localization of industry?

  Options:
  A) Development of subsidiary firms
  B) creation of parallel market
  C) development of slums
  D) attraction of foreign capital
  Show Answer
  The correct answer is A .
• Question 2006: An increase in demand without a corresponding change in supply will lead to Options:
  A) a decrease in equilirium price and increase in equilibrium quantity
  B) an increase in equilibrium price and quantity
  C) a decrease in equilibrium price and quantity
  D) an increase in equilibrium price and a decrease in equilibrium quantity
  Show Answer
  The correct answer is B .
• Question 2007: The following are bye-products of crude oil EXCEPT Options:
  A) bitumen
  B) kerosene
  C) paraffin wax
  D) perfume
  E) petrol
  Show Answer
  The correct answer is D .
• Question 2008: Fiscal policy is the government's plan to control aggregate demand by manipulating Options:
  A) the demand and supply of money
  B) revenue and expenditure
  C) tastes and preferences of consumers
  D) the structure of production and employment
  Show Answer
  The correct answer is B .
• Question 2009: Guided deregulation as currently practised in Nigeria implies that Options:
  A) market force determine interest and exchange rates
  B) government alone determines interests and exchange rates
  C) market forces and government determine interest and exchange rates
  D) exchange rate is regulated while interest rate is fixed
  Show Answer
  The correct answer is C .
• Question 2010:

  

  The average total cost when 20 units are produced is

  Options:
  A) ₦20.00
  B) ₦23.00
  C) ₦13.00
  D) ₦15.00
  Show Answer
  The correct answer is D .