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 551: One theory of population contends that population tends to increase much faster than the supply of food, and that if the growth in population is not checked , it will be checked by natural forces like misery disasters and food shortages. This theory was propounded by? Options:
  A) Prof. Paul Samuelson
  B) Adam Smith
  C) David Ricardo
  D) Rev. Thomas Malthus
  E) Prof. Ojetuuji Aboyade
  Show Answer
  The correct answer is D .
• Question 552:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 553: Which of the following is NOT an objective of Economic planning? Options:
  A) Achieving economic self reliance
  B) Achieving economic growth
  C) Creating employment
  D) Equitable allocation of resources
  E) Widening the income gap
  Show Answer
  The correct answer is E .
• Question 554: If high unemployment goes hand in hand with rising prices, the situation created is? Options:
  A) hyperinflation
  B) stagflation
  C) moderate inflation
  D) galloping inflation
  Show Answer
  The correct answer is B .
• Question 555: some of major problems hindering economic development in west Africa are in the areas of electricity supply, communication, educations and health. These items are known in Economics as? Options:
  A) development projects
  B) infrastructural facilities
  C) monoculture
  D) capital investment
  E) superstructure
  Show Answer
  The correct answer is B .
• Question 556: Which of the following sector of the economy is estimated to be the largest employer of labour in the country Options:
  A) Construction
  B) Agriculture
  C) Distribution
  D) Mining and petroleum
  E) Transport and communication
  Show Answer
  The correct answer is B .
• Question 557: Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria? Options:
  A) Establishement of industries
  B) presence of mineral deposits
  C) Transportation facilities
  D) Favourable soils
  E) Favourable climate conditions
  Show Answer
  The correct answer is B .
• Question 558: 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 559: The standard deviation of a set of data is Options:
  A) always measured from the mode
  B) the most representative of averages
  C) always measured from the median
  D) a measure of dispersion
  Show Answer
  The correct answer is D .
• Question 560: The short-run equilibrium in a perfectly competitive market requires that? Options:
  A) marginal cost be equal to total revenue
  B) marginal cost and marginal revenue be equal
  C) costs are mutually determined by buyers and sellers
  D) the marginal cost curve cuts the total cost curve
  Show Answer
  The correct answer is A .