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 21:

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

  What is the median wage?

  Options:
  A) ₦8.00
  B) ₦5.00
  C) ₦11.00
  D) ₦6.50
  Show Answer
  The correct answer is D .
• Question 22: Scarcity in economics means that? Options:
  A) human wants are limitless
  B) the economy has very few resources
  C) the economy can scarcely produce anything
  D) resources are limited in relation to wants
  Show Answer
  The correct answer is D .
• Question 23: A long-term capital outflow is recorded in the balance of payment as a Options:
  A) credit on the capital account
  B) credit on the current account
  C) debit on the current account
  D) debit on the capital account
  Show Answer
  The correct answer is D .
• Question 24: An increase in supply will lower price unless? Options:
  A) supply is perfectly inelastic
  B) demand is perfectly inelastic
  C) it is followed by an increase in demand
  D) demand is highly inelastic
  Show Answer
  The correct answer is C .
• Question 25: A decrease in supply without a corresponding change in demand will lead to Options:
  A) an increase in equilibrium price and a decrease in equilibrium quantity
  B) a decrease in equilibrium price and an increase in equilibrium qantity
  C) a decrease in equilibrium price and equilibrium quantity
  D) an increase in equilibrium price and quantity
  Show Answer
  The correct answer is A .
• Question 26:

  Multiplier can be described as

  Options:
  A) the ratio of change in an endogenous variable to the change spending
  B) the ratio of variables that multiplies autonomous spending plus tax
  C) the ratio of change in output to a change in autonomous spending
  D) the ratio of variables that multiplies autonomous spending
  Show Answer
  The correct answer is A .
• Question 27: If P = $\frac{1}{2}$(Qs + 15). What is the quantity supplied at N9.00? Options:
  A) 33.0
  B) 12.0
  C) 3.0
  D) 1.5
  Show Answer
  The correct answer is C .
• Question 28:

  What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?

  Options:
  A) Availability of labour in the area
  B) Availability of power
  C) Nearness of raw material
  D) Access to transport facilities
  Show Answer
  The correct answer is C .
• Question 29: Agriculture is central to Nigeria''s economic development because? Options:
  A) Nigeria''s comparative advantage lies mainly in agro-allied industries
  B) agriculture is the largest employer of labour
  C) agriculture accounts for an insignificant domestic product
  D) Nigeria earns limitless foreign exchange from agriculture
  Show Answer
  The correct answer is B .
• Question 30: Personal income tax as a source of government revenue is increased when the Options:
  A) tax rate is raised
  B) tax system is proportional
  C) retirement age is reduced
  D) tax base is contracted
  Show Answer
  The correct answer is A .