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 411:

  $\frac{\sum f(x-x̄)}{N}$ is a formula used to calculate ____________

  Options:
  A) variance
  B) the quartile
  C) standard deviation
  D) mean deviation
  Show Answer
  The correct answer is D .
• Question 412: Isocost and isoquant can be attributed to Options:
  A) Theory of consumer behaviour
  B) Theory of cost
  C) Theory of production
  D) Theory of value
  Show Answer
  The correct answer is C .
• Question 413: If an increase in income induces a reduction in the demand for beans, beans can be referred to as? Options:
  A) a normal good
  B) an inferior good
  C) a substitute good
  D) a giffen good
  Show Answer
  The correct answer is B .
• Question 414:

  Which one of the following measures the natural growth rate of population?

  Options:
  A) Natural increase - Birth rate + Net migration
  B) Birth rate - Death rate
  C) Birth rate/Death rate
  D) Birth + Net migration = Death
  Show Answer
  The correct answer is B .
• Question 415:

  An industry is

  Options:
  A) A group of firms producing differentiated products
  B) A group of firms producing distinct commodities
  C) A group of firms producing related goods
  D) A group of firms producing unrelated goods
  Show Answer
  The correct answer is C .
• Question 416: 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 417:

  

  Use the production possibility curve of a country represented in the diagram above to this questions.An improvement in technology will enable the country to produce at

  Options:
  A) V
  B) W
  C) X
  D) Z
  Show Answer
  The correct answer is D .
• Question 418:

  

  In the diagram, the profit maximizing output is

  Options:
  A) Q₁ while 1 = AC and II = MC
  B) Q₁, while l = MC and ll = AC
  C) Q₂, while l = MC and ll AC
  D) Q₃, while l = AC and ll = MC
  Show Answer
  The correct answer is C .
• Question 419:

  An example of commodity money is

  Options:
  A) currency note
  B) mobile money
  C) cheques
  D) silver
  Show Answer
  The correct answer is D .
• Question 420: An example of injection into the circular flow of income is Options:
  A) taxes
  B) pensions
  C) imports
  D) exports
  Show Answer
  The correct answer is D .