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 651: The quantity theory of money states that a reduction in the quantity of money in circulation would bring about Options:
  A) A constant change in price
  B) A rise in prices
  C) An unequal fall in prices
  D) A proportionate fall in price
  Show Answer
  The correct answer is A .
• Question 652: Which is an example of an invisible item in the trade Account of Ghana? Options:
  A) Export of Cocoa from Ghana
  B) Import of oil from Nigeria
  C) A gift of a Peugout 504 by a firm in Nigeria to a firm in Ghana
  D) Payment for shipping and insurance by a Ghanaian company to companies outside Ghana
  E) None of the above
  Show Answer
  The correct answer is D .
• Question 653: One of the assumptions of the cardinalist approach is Options:
  A) diminishing marginal rate of substitution
  B) the consistency and transitivity of choice
  C) that total utility depends on the quantity of the commodities consumed
  D) unstable marginal utility of money
  Show Answer
  The correct answer is C .
• Question 654:

  Class mark (₦)	2	5	8	11	14
  Frequency	2	3	1	3	1

  The table shows the wage distribution of workers.Calculate the mean wage

  Options:
  A) ₦7.40
  B) ₦4.00
  C) ₦10.00
  D) ₦14.80
  Show Answer
  The correct answer is A .
• Question 655:

  An economic system in which individual control the productive resources is known as

  Options:
  A) capitalism
  B) communism
  C) freedomism
  D) socialism
  E) welfarism
  Show Answer
  The correct answer is A .
• Question 656: If the quantity supplied of acommodity increases from 20 to 30 units when there is an increase in price from N4 to N5, the elasticity of supply is Options:
  A) 4
  B) 1
  C) 2
  D) 5
  Show Answer
  The correct answer is C .
• Question 657: Standard deviation can be determined by the square root of the Options:
  A) mean
  B) mean deviation
  C) mode
  D) variance
  E) variance divided by the mean
  Show Answer
  The correct answer is D .
• Question 658:

  Which of the following industries will add more value to primary products?

  Options:
  A) Service industry
  B) Construction industry
  C) Mining industry
  D) Processing industry
  Show Answer
  The correct answer is C .
• Question 659:

  The act of cultivating land and rearing of animal for man's use is

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A .
• Question 660: In Nigeria, the location of a steel industry at Ajaokuta is due to Options:
  A) the availability of transport ntwork
  B) the proximity to source of power
  C) the proximity to large deposits of iron ore
  D) political consideration
  Show Answer
  The correct answer is C .