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 2741: The range is used to Options:
  A) estimate the mean from grouped data
  B) calculate the standard deviation
  C) determine the spread of a set of data
  D) measure the difference between the mean and the mode
  Show Answer
  The correct answer is C .
• Question 2742: Trade takes place because of Options:
  A) marginal utility
  B) inefficiency in production
  C) opportunity cost
  D) comparative advantage
  Show Answer
  The correct answer is D .
• Question 2743: A firm achieves least-cost in production by substituting factors until? Options:
  A) their prices are equal
  B) the ratio of their marginal -physical-products equals the ratio of their prices
  C) their marginal -physical-products are each equal to their factor prices
  D) their marginal -physical-products are each equal to zero
  Show Answer
  The correct answer is B .
• Question 2744: A major factor militating against rapid industrialization in Nigeria is Options:
  A) inadequate skilled manpower
  B) poor market facilities
  C) poor transport facilities
  D) epileptic power supply
  Show Answer
  The correct answer is D .
• Question 2745: If a firm is faced with an elastic supply curve, its revenue will Options:
  A) be supplied at a higher price
  B) double at a higher price
  C) increase by more than the percentage increase in price
  D) equal percentage change in price
  Show Answer
  The correct answer is C .
• Question 2746:

  

  From the graph above the consumer will attain equilibrium at point_______________

  Options:
  A) J
  B) K
  C) M
  D) L
  Show Answer
  The correct answer is B .
• Question 2747: An upward movement along the same supply curve results in Options:
  A) an increase in supply
  B) a decrease in price
  C) a decrease in quantity supplied
  D) an increase in quantity supplied
  Show Answer
  The correct answer is D .
• Question 2748: The major objective of a revenue allocation formula in a country is to Options:
  A) share revenue between the different tiers of government
  B) divert revenue from areas of surplus to areas of need
  C) ensures the financial viability of the country
  D) share revenue between the public and private factors
  Show Answer
  The correct answer is A .
• Question 2749: The optimum population of a country is reached when Options:
  A) All factor of production have been fully employed
  B) The productive effort per man is at its highest with a given volume of resources
  C) The total population of a country increases
  D) The natural resources of a country increases
  E) The working population of a country increases
  Show Answer
  The correct answer is B .
• Question 2750:

  $\begin{array}{ccc}& \text{Year 1}& \text{Year 2}\\ \text{GNP at current prices(NM)}& 20,000& 27,000\\ \text{Population(Million)}& 20& 24\end{array}$

  Calculate the GNP per head of the population in year 1 and year 2.

  Options:
  A) N2000.00, N1000.00
  B) N1125.00; N2000.00
  C) N1000.00, N2000.00
  D) N1000.00; N1125.00
  Show Answer
  The correct answer is D .