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 2661: Disguised unemployment Options:
  A) exist when manpower is not being utilized efficiently
  B) calls for the implementation of five plans
  C) can be eliminated if the press is free
  D) can be eliminated if the capital output ratio is increased
  E) is a statistical artifact with no economic meaning
  Show Answer
  The correct answer is A .
• Question 2662:

  $\begin{array}{cc}\text{Age group(years)}& \text{Distribution(\%)}\\ \text{Above 60}& 30\\ 15-60& 45\\ 0-14& 25\end{array}$

  The estimated dependency ratio of the population distribution shown here is

  Options:
  A) 11:9
  B) 9:11
  C) 7:3
  D) 3:7
  Show Answer
  The correct answer is A .
• Question 2663: An indigenous company wholly owned by the federal government of Nigeria which currently engaged in prospecting for oil is? Options:
  A) the Nigerian National Oil Company
  B) Peak Petroleum Industries Nigeria Limited
  C) Nigeria Exploration and Production Company
  D) the Nigeria National Petroleum Corporation
  Show Answer
  The correct answer is D .
• Question 2664: A discount house is a market where Options:
  A) various bills are exchanged
  B) short-term and medium-term loans are obtained
  C) shares are bought and sold
  D) short-term loans are obtained
  Show Answer
  The correct answer is A .
• Question 2665:

  In a capitalist economy, factors of production are owned and controlled by the _____?

   

  Options:
  A) Citizen
  B) Business Men
  C) Government
  D) Foreigners
  Show Answer
  The correct answer is B .
• Question 2666:

  A market is in disequilibrium if

  Options:
  A) the quantity purchased is greater than quantity sold
  B) the quantity sold differs from the quantity purchased
  C) at a lower price, a large quantity is sold
  D) the quantity demanded differs from the quantity supplied
  Show Answer
  The correct answer is D .
• Question 2667:

  

  From the table above, the average product of the 3rd unit of labour is

  Options:
  A) 50
  B) 70
  C) 350
  D) 150
  Show Answer
  The correct answer is A .
• Question 2668: The deregulation of the petroleum sector in Nigeria will bring about Options:
  A) efficiency in pricing and distribution of the products
  B) an end to the importation of fuel
  C) an end to foreign firms' dominance
  D) fixing appropriate production quotas
  Show Answer
  The correct answer is A .
• Question 2669: Public enterprises are supported on the grounds that they are undertaken for Options:
  A) increasing profit of the private sector
  B) reducing the burden of the private sector
  C) improving the welfare of the people
  D) earning profit for the people
  E) earning profit for the government
  Show Answer
  The correct answer is C .
• Question 2670: Which would you NOT consider an advantage of one-man business? Options:
  A) freedom of action
  B) limited liabiities
  C) Quick decision-making
  D) Personal contact with customers
  E) none o the albove
  Show Answer
  The correct answer is B .