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 2161: The population theory that is concerned with the cases of over population and shortage of food production is ______ Options:
  A) population density
  B) Malthusian population theory
  C) national population theory
  D) demographical transition theory
  Show Answer
  The correct answer is B .
• Question 2162: In a car assembly plant, division of labour is demonstrated by Options:
  A) assigning each worker to a specific activity
  B) assigning each worker a given number to produce
  C) increasing the daily output
  D) producing a specific model
  Show Answer
  The correct answer is A .
• Question 2163: In Nigeria, cheques are not money because? Options:
  A) their use is confined to business houses
  B) there are no banks in rular areas
  C) they are not legal tender
  D) they are not generally acceptable as a medium of exchange
  E) most Nigerians cannot identify them
  Show Answer
  The correct answer is C .
• Question 2164:

  $$\begin{array}{|lcc|}\hline \text{Stage of Product}& \text{Value of Input}& \text{Sale Value of Output}\\ \text{Maize farmer}& -& N10.00\\ \text{Flour miller}& N10.00& N12.00\\ \text{Baker}& N12.00& N15.00\\ \text{Shop keeper}& N15.00& N20.00\\ \hline\end{array}$$

  The value of total output in the economy using the value added approach is

  Options:
  A) ₦57.00
  B) ₦37.00
  C) ₦20.00
  D) ₦15.00
  Show Answer
  The correct answer is C .
• Question 2165: Upstream oil activities involve the Options:
  A) management of pollution
  B) marketing of refined products
  C) exploration of crude oil
  D) refining of crude oil
  Show Answer
  The correct answer is C .
• Question 2166: Which of the following is NOT a problem of population census in Nigeria? Options:
  A) inadequate transportation
  B) High birth rate
  C) High cost
  D) Mass illiteracy
  E) Political interest
  Show Answer
  The correct answer is E .
• Question 2167: Which is the most liquid of the following financial assets held by an individual? Options:
  A) Outstanding balance on the current account of a commercial bank
  B) A credit balance on a savings account
  C) A crossed postal order
  D) An insurance policy
  E) All of the above
  Show Answer
  The correct answer is B .
• Question 2168: Inflation is likely to benefit? Options:
  A) persons with bank savings
  B) persons employed in financial houses
  C) debtors
  D) persons who lived on fixed pension funds
  E) creditors
  Show Answer
  The correct answer is C .
• Question 2169: If a firm doubles its output and its cost increase by 60%, the firm is experiencing Options:
  A) increase cost
  B) economies of scale
  C) decreasing returns
  D) decreasing cost
  E) none of the above
  Show Answer
  The correct answer is B .
• Question 2170: The short-run inelasticity of supply of agricultural produce causes Options:
  A) stability in prices
  B) a steady rise in prices
  C) a steady decline in prices
  D) instability in prices
  Show Answer
  The correct answer is B .