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 201:

  X	8	10	12	16	18	20	24
  F	2	1	4	3	3	1	6

   

  From the table, Calculate the median___________

  Options:
  A) 24.0
  B) 17.0
  C) 18
  D) 16
  Show Answer
  The correct answer is D .
• Question 202: If children and the aged dominate the population of a country, this results in Options:
  A) a reduction in the importation of capital goods
  B) a fall in the standard of living
  C) an increase in the national income
  D) an improvement in the standard of living
  Show Answer
  The correct answer is A .
• Question 203: The final stage in the production process of any commodity involves its movement from the Options:
  A) retailer to the wholesaler
  B) producer to the wholesaler
  C) retailer to the consumer
  D) wholesaler to the retailer
  Show Answer
  The correct answer is C .
• Question 204:

  

  In the diagram above what happens when the minimum wage is fixed at OW?

  Options:
  A) Unemployment is reduced
  B) Unemployment results
  C) The demand schedule will shift
  D) the supply schedule will become steeper
  Show Answer
  The correct answer is B .
• Question 205: The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is Options:
  A) perfectly inelastic
  B) fairly inelastic
  C) perfectly elastic
  D) fairly elastic
  Show Answer
  The correct answer is B .
• Question 206: In a free market economy, the rationing of scarce goods is done principally by Options:
  A) the government
  B) business organizations
  C) the price mechanism
  D) consumers
  E) both A and B
  Show Answer
  The correct answer is D .
• Question 207:

  A demand which gives rise to the reverse of the law of demand is__________

  Options:
  A) Derived demand
  B) Joint demand
  C) Abnormal demand
  D) Composite demand
  Show Answer
  The correct answer is C .
• Question 208: Localization of industries refers to the? Options:
  A) tendency to concentrate industries in particular areas
  B) sitting of industries in certain areas
  C) deliberate policy of influencing location of industries generally
  D) zoning of industries
  Show Answer
  The correct answer is A .
• Question 209:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 210: Firms embark on vertical integration in other to Options:
  A) take over markets formally controlled by other firms
  B) prevent other firms from entering the market
  C) reduce advertisement and management cost
  D) enjoy economies of large-scale production
  Show Answer
  The correct answer is D .