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 2081: The median of an odd-numbered set of scores is the Options:
  A) Middle value in the set
  B) Highest value in the set
  C) Arithmetic means of the set
  D) Most frequent occuring score
  Show Answer
  The correct answer is A .
• Question 2082: The most important attribute of money is? Options:
  A) homogeneity
  B) relative scarcity
  C) divisibility
  D) general acceptability
  Show Answer
  The correct answer is D .
• Question 2083:

  Economic growth is different from economic development because economic growth

  Options:
  A) describes expansion and changes
  B) is measurable but not objective
  C) describes expansion and not change
  D) is not measurable but objective
  Show Answer
  The correct answer is C .
• Question 2084: Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct? Options:
  A) The value of industrial exports is declining
  B) The value of industrial imports is constant
  C) The share of agricultural exports is increasing
  D) The share of agricultural export is decreasing
  E) The value of mineral export is declining
  Show Answer
  The correct answer is D .
• Question 2085: The Nigerian Trust Fund is managed on behalf of Nigeria by the? Options:
  A) World Bank
  B) International Monetary Fund
  C) African Development Bank
  D) Economic Commission for Africa
  Show Answer
  The correct answer is C .
• Question 2086: If the coefficient of price elasticity of supply is greater than one, the supply is said to be Options:
  A) perfectly elastic
  B) fairly inelastic
  C) infinitely inelastic
  D) fairly elastic
  Show Answer
  The correct answer is D .
• Question 2087:

  Which of the following must be true to have a closed economy with no government, and yet the value of the investmet multiplier still increase?

  Options:
  A) Marginal propensity to save has fallen
  B) Actual investment had fallen
  C) Average propensity to invest has fallen
  D) Actual saving has fallen
  Show Answer
  The correct answer is A .
• Question 2088: If inflation is anticipated to continue? Options:
  A) people will lose confidence in goods
  B) lenders will demand higher interest rate
  C) the growth of full employment output will be accelerated
  D) people will want to hold more money
  Show Answer
  The correct answer is B .
• Question 2089: The mean is the best measure of central tendency because it Options:
  A) is not affected by extreme values in a data
  B) is a midpoint value in an array of data
  C) is a balancing point in an observation
  D) can be calculated from incomplete data
  Show Answer
  The correct answer is C .
• Question 2090: The shut-down point for a firm in the short run is the output at which? Options:
  A) the pricr of the product is lowest
  B) marginal Cost is constant
  C) Average Variable Cost is not covered
  D) Average Cost is minimum
  Show Answer
  The correct answer is C .