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 2031: De valuation helps in checking adverse balance of payments if the? Options:
  A) demand for imports is elastic
  B) demand for imports is inelastic
  C) supply of exports is elastic
  D) demand for exports is inelastic
  Show Answer
  The correct answer is A .
• Question 2032:

  If the standard deviation of a given data is 8.2, find its variance_______________

  Options:
  A) 82.0
  B) 91.8
  C) 67.2
  D) 4.1
  Show Answer
  The correct answer is C .
• Question 2033:

  Economics is a social science concerned with the proper use and______

  Options:
  A) production of goods and services
  B) distribution of wealth
  C) allocation of resources for growth
  D) creation of utility
  Show Answer
  The correct answer is C .
• Question 2034: The exchange rate determined by market forces is known as Options:
  A) pegged exchange rate
  B) floating exchange rate
  C) fixed exchange rate
  D) dual exchange rate
  Show Answer
  The correct answer is B .
• Question 2035:

  A major factor contributing to productivity is

  Options:
  A) Immigration of young workers
  B) The labour force
  C) The baby boom of generation
  D) The rate of GDP per year
  Show Answer
  The correct answer is B .
• Question 2036: The reward on machinery and equipment in the process of production is known as Options:
  A) profit
  B) interest
  C) rent
  D) wages
  Show Answer
  The correct answer is B .
• Question 2037: A company's expenditure on raw materials is regarded as? Options:
  A) explicit cost
  B) implicit cost
  C) prime cost
  D) average cost
  Show Answer
  The correct answer is A .
• Question 2038: A disadvantage of the corporate formof business is the? Options:
  A) risk of the owners of loss of personal effects if the business should fail
  B) ability of the corporation to is financial resources
  C) limited life span of the corporation
  D) problems presented by separation ownership from control
  E) None of the above
  Show Answer
  The correct answer is D .
• Question 2039: An imperfect market in which there is only one buyer of a commodity is? Options:
  A) monopsony
  B) oligopoly
  C) monoploy
  D) duopoly
  Show Answer
  The correct answer is A .
• Question 2040: Which is NOT a direct effort to increase Agricultural production in Nigeria? Options:
  A) Operation feed the Nation
  B) Nigerian Youth Service Corps
  C) Increased loans to farmers and cooperatives
  D) Research in Agric & Extension services
  E) Mechanization of Agriculture
  Show Answer
  The correct answer is B .