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 581: In international trade, a country specializes in the production of a commodity or group of commodities for which it has? Options:
  A) a buoyant market
  B) plenty of raw materials
  C) the greatest relative advantage
  D) executive manpower
  Show Answer
  The correct answer is C .
• Question 582: The slow pace of industrial growth in Nigeria can be attributed to__________? Options:
  A) lack of raw materials
  B) lack of market for produce
  C) inadequate skilled labour
  D) over-dependence on the oil sector
  Show Answer
  The correct answer is D .
• Question 583:

  X	8	10	12	16	18	20	24
  F	2	1	4	3	3	1	6

   

  From the table, Calculate the median___________

  Options:
  A) 24.0
  B) 17.0
  C) 18
  D) 16
  Show Answer
  The correct answer is D .
• Question 584:

  

  The current stage of the economy is depicted in curve I. Point P suggests that the economy is

  Options:
  A) reaching full employment but not full prodduction
  B) attaining full production but not full employment
  C) under capitalized
  D) attaining both full employment and full production
  Show Answer
  The correct answer is A .
• Question 585: Given a consumption function C = 10 + 0.6Y, determine the value of C if Y is 20 Options:
  A) 36.60
  B) 22.00
  C) 30.60
  D) 26.00
  Show Answer
  The correct answer is B .
• Question 586:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 587: The choice of the method of production in an economy is determined by the Options:
  A) level of technical know-how
  B) rate of propulation growth
  C) availability of natural resources
  D) level of income
  Show Answer
  The correct answer is A .
• Question 588:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C .
• Question 589:

  The quantity of commodity a consumer is willing and able to buy at a particular time is called

  Options:
  A) supply
  B) wish
  C) demand
  D) desire
  Show Answer
  The correct answer is C .
• Question 590: The value of money is affected by Options:
  A) consumer’s income
  B) effective demand
  C) effective supply
  D) equilibrium price
  E) general price level
  Show Answer
  The correct answer is E .