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 2151: The standard deviation of a set of data is Options:
  A) always measured from the mode
  B) the most representative of averages
  C) always measured from the median
  D) a measure of dispersion
  Show Answer
  The correct answer is D .
• Question 2152: A well conducted census is important for? Options:
  A) effective defence
  B) effective revenue generation
  C) good economic planning
  D) optimum population
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  The correct answer is C .
• Question 2153: People hold money for? Options:
  A) charity
  B) safe keeping
  C) profit making
  D) speculative purposes
  Show Answer
  The correct answer is D .
• Question 2154: Remuneration of labour based on number of hours worked is known as Options:
  A) fees
  B) commission
  C) time-rates
  D) salary
  E) wages
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  The correct answer is C .
• Question 2155: A sustained increase in the per capita income of a country over a period of time is called? Options:
  A) economic growth
  B) economic development
  C) structural change
  D) stagflation
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  The correct answer is A .
• Question 2156: In estimating the national income of a country, the three approaches usually adopted are the? Options:
  A) expenditure, value-added and output
  B) income, final product and output
  C) expenditure,income and output
  D) avoiding of double counting, final expenditure and value added
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  The correct answer is C .
• Question 2157: Which of the following is an indicator of economic growth? Options:
  A) High tax rate
  B) Technology development
  C) High gross domestic product
  D) High interest rate
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  The correct answer is B .
• Question 2158:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
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  The correct answer is A .
• Question 2159: Which of the following can be deduced from the law of variable proportions when total output is rising? Options:
  A) MP is greater than AP
  B) MP is less than AP
  C) MP is equal to AP
  D) MP is equal to zero
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  The correct answer is A .
• Question 2160: 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
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  The correct answer is C .