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 311: The current industrial development strategy in Nigeria is aimed at encouraging Options:
  A) small-scale industries
  B) medim-scale industries
  C) small-and medium-scale industries
  D) medium-and large-scale industries
  Show Answer
  The correct answer is C .
• Question 312:

  

  Given an output of 3 units, the average revenue is

  Options:
  A) ₦16.00
  B) ₦18.00
  C) ₦20.00
  D) ₦24.00
  Show Answer
  The correct answer is B .
• Question 313: The best measure of dispersion to determine the tallest tree in a forest is Options:
  A) range
  B) variance
  C) standard deviation
  D) mean deviation
  Show Answer
  The correct answer is B .
• Question 314:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A .
• Question 315:

  One major problem facing West African countries is

  Options:
  A) Relations with Colonial Masters
  B) Joint Military operations in Member States
  C) Political integration
  D) Financial crunch of Member States
  Show Answer
  The correct answer is A .
• Question 316:

  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 317:

  In a particular year, the sum of the value added in each sector of the economy was N4550 million

  The amount represents the GNP measured by the

  Options:
  A) factor-price approach
  B) output approach
  C) income approach
  D) expenditure approach
  Show Answer
  The correct answer is B .
• Question 318:

  Fiscal policy measures imply a change in

  Options:
  A) only taxation to control aggregate demand
  B) bank rate to infulence lending
  C) only government expenditure to regulate an economy
  D) government revenue and expenditure to regulate an economy
  Show Answer
  The correct answer is D .
• Question 319: If the government is interested in raising the highest revenue from a tax system, then for any two commodities Options:
  A) It is better to tax one whose demand is more elastic
  B) It is better to tax one whose demand is more inelastic
  C) Revenue will be the same from both commodities
  D) It is not possible to say which will yield higher revenue
  E) Government cannot make much revenue from taxing commodities
  Show Answer
  The correct answer is B .
• Question 320:

  $\begin{array}{ccc}\text{Units of quantity}& \text{Total utility}& \text{Marginal utility}\\ 0& -& -\\ 1& 10& 10\\ 2& 15& 5\\ 3& 17& 2\\ 4& 18& 1\\ 5& 18& 0\end{array}$

  The table illustrate the law of

  Options:
  A) admonishing returns
  B) increasing returns
  C) diminishing marginal utility
  D) increasing marginal utility
  Show Answer
  The correct answer is C .