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 511: The organization which provides credit to help countries achieve short-term balance in their balance of payment is the? Options:
  A) Economic Community of West Africa States
  B) International Monetary Fund
  C) International Bank for Reconstruction and Development
  D) African Develoment Bank
  Show Answer
  The correct answer is B .
• Question 512: 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 513:

  $\begin{array}{ccc}& \text{Year 1}& \text{Year 2}\\ \text{GNP at current prices(NM)}& 20,000& 27,000\\ \text{Population(Million)}& 20& 24\end{array}$

  Calculate the GNP per head of the population in year 1 and year 2.

  Options:
  A) N2000.00, N1000.00
  B) N1125.00; N2000.00
  C) N1000.00, N2000.00
  D) N1000.00; N1125.00
  Show Answer
  The correct answer is D .
• Question 514: The term of trade can be expressed as Options:
  A) (Price index of export ÷ Price index of export)× 100
  B) (price index of import ÷ price index of export) × 100
  C) (Price index of export ÷ Price index of import)× 100
  D) (Price index of export ÷ Price index of import)× 100
  Show Answer
  The correct answer is C .
• Question 515:

  

   

  The diagram above explains the effect of government's imposition of an indirect tax on a good characterized by zero price elasticity of demand. The total tax revenue is represented by

  Options:
  A) P₁EHP_o
  B) P_oHQ_oO
  C) P₁EQ_oO
  D) P₁ED₁P_o
  Show Answer
  The correct answer is A .
• Question 516:

  $\begin{array}{cc}\text{Quantity of singlets}& \text{Short run total costs(N)}\\ 0& 1,000\\ 10& 1,200\\ 20& 1,400\\ 30& 1,600\\ 40& 1,800\end{array}$

  The short run total costs for different levels of output for a firm producing singlets are shown above. Calculate the variable cost per unit at an output of 20.

  Options:
  A) N1000
  B) N400
  C) N70
  D) N20
  Show Answer
  The correct answer is D .
• Question 517: Which of the following factors is an important determinant of the magnitude of price elasticity of demand? Options:
  A) The production period
  B) Cost of storage
  C) Durability of the product
  D) Availability of factors of production
  Show Answer
  The correct answer is C .
• Question 518: To enhance the competitiveness of domestic agricultural products, there is need to Options:
  A) ban the importation of a agricultural products
  B) increase the exportation of agricultural products
  C) improve the quality of domestic agricultural products
  D) increase the output of domestic agricultural products
  Show Answer
  The correct answer is C .
• Question 519:

  A major disadvantage of a capitalist economy is that it

  Options:
  A) leads to low production of goods and services
  B) requires large number of officials to operate
  C) considers individual consumers' satisfaction
  D) worsens income inequality among the citizens
  Show Answer
  The correct answer is D .
• Question 520:

  The labour force of a country is determined by the___________

  Options:
  A) geographical distribution of the population
  B) age structure of the population
  C) number of people available for work
  D) sex distribution of the population
  Show Answer
  The correct answer is B .