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 2681: A good indicator of economic development is an increase in Options:
  A) gross national product
  B) per capital income
  C) real national income
  D) real per capital income
  Show Answer
  The correct answer is B .
• Question 2682:

  The contribution of petroleum to the economy of nigerian is most prominent in the area of

  Options:
  A) employment generation
  B) fuel provision
  C) infrastructural development
  D) revenue generation
  E) technical know-how
  Show Answer
  The correct answer is D .
• Question 2683: The distinction between capital and recurrect expenditure lies in the Options:
  A) nature of the goods and services to be provided
  B) time frame of the expenditure
  C) source of the revenue generated
  D) amount of expenditure involved
  Show Answer
  The correct answer is B .
• Question 2684:

  

  The diagram above shows a firm operating under conditions of monopolistic competition. The curve W represents its

  Options:
  A) marginal cost
  B) average cost
  C) average revenue
  D) marginal revenue
  Show Answer
  The correct answer is C .
• Question 2685:

  

  PN equals average revenue or marginal revenue cure of

  Options:
  A) An imperfect competitive firm
  B) a monopoly
  C) a perfectly competitive firm
  D) a monopolistic competitive firm
  Show Answer
  The correct answer is C .
• Question 2686: If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is Options:
  A) 0.80
  B) 1.25
  C) 2.00
  D) 10.00
  Show Answer
  The correct answer is B .
• Question 2687:

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

  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 2688: The government can influence the price of agriculture products by? Options:
  A) fixing minimum prices when agricultural output is low
  B) fixing maximum prices in years of bumper harvest
  C) the use of buffer stock and stabilization funds
  D) paying all farmers producing identical crops a uniform amount of money
  Show Answer
  The correct answer is C .
• Question 2689:

  $\begin{array}{cc}\text{Units of variable factor}& \text{Total Product}\\ 1& 25\\ 2& 31\\ 3& 40\\ 4& 48\\ 5& 55\end{array}$

  The marginal product at the fifth variable factor is

  Options:
  A) 7
  B) 6
  C) 5
  D) 9
  Show Answer
  The correct answer is A .
• Question 2690: 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 .