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:

  	Sector 1 Agriculture	Sector 2 Manufacturing and Crafts	Sector 3 Petroleum and Mining	Sector 4 Services
  Share in total National Output	25%	10%	50%	15%
  Share in total Employment	60%	10%	5%	25%
  Growth rate of Sectoral Output	2%	5%	10%	3%

  From the above, the Growth Rate of Total National Output or GDP is

  Options:
  A) 6.45%, i.e (25 x 2 + 10 x 5 + 50 x 10 + 15 x 3)/ 100%
  B) 20.0%, i.e. (2 + 5 + 10 +3)%
  C) 2.95%, i.e (60 x 2 + 10 x 5 + 5 x 10 + 25 x 3)/ 100%
  D) 5.0%, i.e,(2 +5 + 10 + 3)/ 4%
  E) not obtainable
  Show Answer
  The correct answer is D .
• Question 2082:

  

  Which of the following graphs represents the price-quantity relationship between tea and lemon, if they are perfect complements? choose the answer from the option above

  Options:
  A) A
  B) B
  C) C
  D) D
  Show Answer
  The correct answer is B .
• Question 2083:

  

  In the diagram above, full employment is indicated by

  Options:
  A) L
  B) M
  C) N
  D) P
  Show Answer
  The correct answer is B .
• Question 2084: Which of these is NOT a bottle neck In the distribution of goods In Nigeria? Options:
  A) Adequate transportation network
  B) Inadequate credit facilities
  C) Inadequate storage facilities
  D) poor processing and packaging
  E) Unnecessary hoarding
  Show Answer
  The correct answer is A .
• Question 2085:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 2086: One of the advantages of international trade is that it? Options:
  A) increases world output
  B) encourages economic independence among nations
  C) restricts spread of technical knowledge
  D) promotes self-reliance and satisfaction with only what can be produced internally
  Show Answer
  The correct answer is A .
• Question 2087: A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book. Options:
  A) The five naira she spent on the book
  B) Five naira real cash value
  C) the mirror
  D) The book
  Show Answer
  The correct answer is C .
• Question 2088:
  

  What is the lowest price the monopolist can charge

  Options:
  A) P2
  B) P1
  C) P3
  D) P4
  Show Answer
  The correct answer is A .
• Question 2089:

  Palm oil and palm kernel are in

  Options:
  A) joint supply
  B) competitive demand
  C) competitive supply
  D) complementary demand
  Show Answer
  The correct answer is A .
• Question 2090: The 2nd National Development plan in Nigeria was between Options:
  A) 1962 — 1968
  B) 1970 — 1974
  C) 1975 — 1980
  D) 1980 — 1985
  E) 1985 — 1990
  Show Answer
  The correct answer is B .