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: The first petroleum exploring company to discover crude petroleum in Nigeria was? Options:
  A) Mobil
  B) Texaco
  C) Agip
  D) Shell-BP
  Show Answer
  The correct answer is D .
• Question 412:

  Age range in years	% of population
  	1960	1990
  50 and above	35	38
  18 - 59	40	42

  Population Statistics of a Country

  In 1990, the difference between the dependent population and the active population ratio is

  Options:
  A) 22%
  B) 20%
  C) 16%
  D) 4%
  Show Answer
  The correct answer is C .
• Question 413: If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is? Options:
  A) 0.20
  B) 0.80
  C) 1.25
  D) 2.00
  Show Answer
  The correct answer is B .
• Question 414: Which of the following is a liability of a commercial bank? Options:
  A) Deposits in bank
  B) loans made by the bank to individuals
  C) loans made by the bank to other banks
  D) Bonds purchased by the bank
  Show Answer
  The correct answer is A .
• Question 415:

  Concentrating industries in one place is advantageous because there are gains in terms of_____________

  Options:
  A) cost economies
  B) economies of scale
  C) internal economies
  D) external economies
  Show Answer
  The correct answer is D .
• Question 416:

  

  A movement from M to T implies that there has been

  Options:
  A) A decrease in supply
  B) An increase in demand
  C) A decrease in price
  D) An increase in price
  Show Answer
  The correct answer is D .
• Question 417: The ultimate aim of agricultural policies in Nigeria is to achieve Options:
  A) food sufficiency
  B) industrialization
  C) full employment
  D) industrial capacity utilization
  Show Answer
  The correct answer is A .
• Question 418: ECOWAS has taken a giant step towards economic integration by? Options:
  A) presenting a united front against foreign economic exploiters
  B) introducing a common currency for travellers
  C) holding frequent meeting at various state capitals
  D) increasing economic stability among members states
  Show Answer
  The correct answer is D .
• Question 419: If the price elasticity of demand for a certain commodity is less than unity, then? Options:
  A) an increase in the price of the commodity will raise the total revenue of the producer
  B) an increase in price leaves the total revenue unchanged
  C) a decrease in price raises the total revenue of the supplier
  D) a decrease in price leaves the total revenue constant
  Show Answer
  The correct answer is A .
• Question 420: When a worker earns more than the wage just sufficient to keep him in his job, the excess income is called? Options:
  A) an opportunity cost
  B) an economic rent
  C) transfer earnings
  D) surplus value
  Show Answer
  The correct answer is B .