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 271: Census can be classified as Options:
  A) defacto and dejure
  B) increasing and decreasing
  C) over and under
  D) optimum
  Show Answer
  The correct answer is A .
• Question 272: Range is NOT the best method of measuring dispersion because it considers only the Options:
  A) first number
  B) first two numbers
  C) frequently occurred number
  D) middle number
  E) two extreme number
  Show Answer
  The correct answer is E .
• Question 273: Opportunity cost helps the government to: Options:
  A) Distribute money to citizens
  B) support better production
  C) remove competition
  D) prepare budget
  Show Answer
  The correct answer is D .
• Question 274: Utility of a commodity means? Options:
  A) its usefulness
  B) power to satisfy a want
  C) price of the commodity
  D) satisfaction derived from the product of commodity
  E) its adaptability
  Show Answer
  The correct answer is D .
• Question 275: In order to increase its profit margin, the monopolist can manipulate Options:
  A) both price and output
  B) either price or output
  C) only its price
  D) only its output
  Show Answer
  The correct answer is B .
• Question 276:

  Transcationary motive implies, holding money

  Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B .
• Question 277:

  Which of the following rewards is associated with entrepreneurship

  Options:
  A) salaries
  B) profits
  C) interest
  D) rent
  Show Answer
  The correct answer is B .
• Question 278: Which of the following is a motive for holding money? Options:
  A) celebration
  B) daily purchases
  C) election campaign
  D) payment of taxes
  Show Answer
  The correct answer is B .
• Question 279: The petro- chemical industries are located in the River State of Nigeria due to? Options:
  A) favourable climate
  B) favourable soil
  C) oil deposits
  D) palm oil products
  E) coal deposit
  Show Answer
  The correct answer is C .
• Question 280:

  

  In the diagram above W₁, W₂, W₃ and W₄ are different wage rates. The minimum wage rate is

  Options:
  A) W₁
  B) W₂
  C) W₃
  D) W₄
  Show Answer
  The correct answer is B .