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: If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is? Options:
  A) 0.20
  B) 0.80
  C) 1.25
  D) 2.00
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  The correct answer is B .
• Question 2152: Division of labour means Options:
  A) dividing the labour into different categories
  B) splitting the process of production into different parts to be completed by each person
  C) dividing the goods and services into different sections
  D) assigning different duties to labourers
  E) group of labourers working in a factory or shop
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  The correct answer is B .
• Question 2153: Given that Y= C+I, where C= 50+0.75 and I = N45m, what is the equilibrium level of income? Options:
  A) N380m
  B) N20m
  C) N180m
  D) N200m
  Show Answer
  The correct answer is A .
• Question 2154: A major obstacle to rapid agricultural development in Nigeria is the? Options:
  A) ineffective use of crude implements
  B) inability of farmers to adopt modern technology
  C) introduction of the Green Revolution programme
  D) declining population growth rate
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  The correct answer is B .
• Question 2155: When a business has unlimited liability Options:
  A) all its profits can be taxed away by the government
  B) all its assets are owned by the members of its board of directors
  C) the business ceases to exist at the death of one of its owners
  D) the owners are responsible for all its financial debts
  E) the owners are not responsible for all its financial debts
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  The correct answer is D .
• Question 2156: An advantage of the range as a measure of dispersion is that it Options:
  A) can be used to calculate open-ended distribution
  B) make use of all values of observations in a distribution
  C) takes all values into consideration
  D) is useful for further statistical calculation
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  The correct answer is A .
• Question 2157:

  

  The graph of the schedule above will depict

  Options:
  A) a kinked demand curve
  B) a normal demand curve
  C) an abnormal demand curve
  D) a diminishing marginal utility curve
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  The correct answer is C .
• Question 2158: International trade arise because? Options:
  A) one country has more abundant resource
  B) one country has the technology to produce the commodity whilst the other has not
  C) one country has the maximum comparative advantage or minimum comparative disadvantage in the production
  D) one country has manpower to produce the commodity than the country
  E) All of the above
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  The correct answer is E .
• Question 2159: The most basic concern of economists is to? Options:
  A) create human wants
  B) satisfy all human want
  C) redistribute income so that it is used correctly
  D) create perfect competition
  E) study ways of allocating scarce resources in order to satisfy human wants
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  The correct answer is E .
• Question 2160: The proportion of currency in the money supply Options:
  A) is higher in developing countries than advanced countries
  B) is lower in developing countries than advanced countries
  C) is the same in both developing and advanced countries
  D) grows as the economy develope
  E) none of the above
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  The correct answer is A .