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 2601: Short-run period in production is a period too short for a firm to be able to change its Options:
  A) scale of operation
  B) total revenue
  C) total outputs
  D) variable inputs
  Show Answer
  The correct answer is A .
• Question 2602:

  Class mark (₦)	2	5	8	11	14
  Frequency	2	3	1	3	1

  The table shows the wage distribution of workers.Calculate the mean wage

  Options:
  A) ₦7.40
  B) ₦4.00
  C) ₦10.00
  D) ₦14.80
  Show Answer
  The correct answer is A .
• Question 2603: which of the financial institutions cannot direct tax loans to individuals? Options:
  A) The agricultural bank
  B) The Industrial bank
  C) The central bank
  D) The Co-operative bank
  E) The Standard bank
  Show Answer
  The correct answer is C .
• Question 2604:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 2605: The consumer-goods industry is predominant in the industrial sector of the Nigerian economy because of the? Options:
  A) availability of market and most of the raw materials required
  B) availability of the necessary machinery required
  C) experience of Nigerian producers
  D) relatively lower cost of production of such goods
  Show Answer
  The correct answer is A .
• Question 2606:

  The Nigerian indigenization decree process involves

  Options:
  A) 5 phases
  B) 6 phases
  C) 4 phases
  D) 3 phases
  E) 2 phases
  Show Answer
  The correct answer is D .
• Question 2607: In a developing economy, productivity is measured by the Options:
  A) capital-output ratio
  B) output growth rate
  C) output-labour ratio
  D) output per capita
  Show Answer
  The correct answer is C .
• Question 2608: One of the probable effects of an increased minimum wage in Nigeria is? Options:
  A) to create volunteer unemployment
  B) to decrease the wage rate
  C) to increase the level of unemployment
  D) to create involuntary unemployment
  E) to increase the demand for labour
  Show Answer
  The correct answer is D .
• Question 2609: The central point of the Malthusian theory is that Options:
  A) everybody should become a farmer
  B) government should provide enough accommodation and food
  C) increasing population will get enough food
  D) population increase in geometric progression while food arithmetic progression
  E) wages has nothing to do with cost of living
  Show Answer
  The correct answer is A .
• Question 2610: To discourage the consumption of harmful commodities, government should tax such commodities if they have Options:
  A) elastic demand
  B) inelastic demand
  C) negative demand
  D) positive demand
  E) unitary demand
  Show Answer
  The correct answer is B .