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 541: Derived demand is normally used with reference to Options:
  A) superior goods
  B) inferior goods
  C) the cost of production
  D) the factors of production
  Show Answer
  The correct answer is D .
• Question 542: One of the criticisms of the price mechanism is that Options:
  A) producers are sovereign
  B) it provides low degree of freedom
  C) it widens the inequitable gap
  D) consumers are sovereign
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  The correct answer is D .
• Question 543:

  In the long-run, a firm must shut down if its average revenue is

  Options:
  A) greater than average cost
  B) less than average variable cost
  C) equal to the minimum average revenue is
  D) equal to the average cost
  Show Answer
  The correct answer is B .
• Question 544: Transfer payment are Options:
  A) transfer earnings
  B) money transferred from one country to another
  C) unearned income
  D) payment transferred from one account to another
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  The correct answer is C .
• Question 545: if $\overline{x}$ = 6 and N = 6, determine the value of ∑fx Options:
  A) 36
  B) 12
  C) 1
  D) 72
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  The correct answer is A .
• Question 546: One of the factors which is likely to check the growth of public debts is? Options:
  A) bridging the resources gap
  B) debt reputation
  C) debts rescheduling
  D) debt-equility swap
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  The correct answer is D .
• Question 547: The effect of emigration on a country's population, all other things remaining equal, is to Options:
  A) increase its size
  B) cause overpopulation
  C) increase its growth rate
  D) reduce the proportion of children
  E) reduce its size
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  The correct answer is E .
• Question 548: In a country, if the proportion of people who are below 15 years is 45% and those above 60 years is 30%, this implies that the? Options:
  A) dependency is ratio high
  B) population is optimum
  C) active population is large
  D) population is growing according to Malthus theory
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  The correct answer is A .
• Question 549: In order to accelerate economic development, a country must? Options:
  A) stimulate her population growth rate
  B) pursue a high population growth rate
  C) pursue a rational population policy
  D) pursue an incremental population policy
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  The correct answer is C .
• Question 550: A good indicator of economic development is an increase in Options:
  A) gross national product
  B) per capital income
  C) real national income
  D) real per capital income
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  The correct answer is B .