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 2241: Guided deregulation as currently practised in Nigeria implies that Options:
  A) market force determine interest and exchange rates
  B) government alone determines interests and exchange rates
  C) market forces and government determine interest and exchange rates
  D) exchange rate is regulated while interest rate is fixed
  Show Answer
  The correct answer is C .
• Question 2242: If a 10k per kg, 1000kg of yam were purchased and at 5k per kg, 1,500kg were purchased, the resultant point elasticity of demand is? Options:
  A) 0.33
  B) 0.0001
  C) 1
  D) 10,000
  Show Answer
  The correct answer is C .
• Question 2243:

  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 2244: Economics is regarded as a social science because It Options:
  A) helps people to be acceptable In the society
  B) Is associated with social dubs
  C) is used by sociologist
  D) studies human behavior
  E) uses controlled experiment
  Show Answer
  The correct answer is D .
• Question 2245: If demand increases without a change in supply, equilibrium price and quantity will Options:
  A) remain unchanged
  B) shift inward
  C) fall
  D) rise
  Show Answer
  The correct answer is D .
• Question 2246: If 502.75 million tonnes of grains are consumed annually by a population of 88.5 million people, the per capita grains consumption will be? Options:
  A) 6.00 tonnes
  B) 5.68 tonnes
  C) 0.60 ton
  D) 0.57 ton
  Show Answer
  The correct answer is B .
• Question 2247:

  Which of the following would not be a reason for a government to impose a quota on imports?

  Options:
  A) To support strategic industry
  B) To prevent dumping
  C) To decrease tax revenue
  D) Employment oppourtunity
  Show Answer
  The correct answer is C .
• Question 2248: Plantation farming can best be defined as cultivation of Options:
  A) crops using hoes and cutlasses for farming
  B) food crops for personal consumption
  C) food for use by the family
  D) large scale farms of cash crops
  E) livestock for commercial purposes
  Show Answer
  The correct answer is D .
• Question 2249:

  

  How many student took the examination?

  Options:
  A) 280
  B) 240
  C) 200
  D) 80
  Show Answer
  The correct answer is A .
• Question 2250: Given that FC = N500, VC = N1,500, and Q = 50 units. Find the average cost of the product. Options:
  A) N30
  B) N40
  C) N10
  D) N20
  Show Answer
  The correct answer is B .