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 671: Age-structure in Nigeria is such that the working age-group is in the years Options:
  A) 1-15
  B) 15-65
  C) 30-40
  D) 40-65
  E) 65 and above
  Show Answer
  The correct answer is B .
• Question 672:

  When a country's population is experiencing increasing returns, that country is said to be?

  Options:
  A) overpopulated
  B) economically poor
  C) over-producing goods and services
  D) under-populated
  Show Answer
  The correct answer is D .
• Question 673:

  $\begin{array}{ccc}\text{Out put produced per day (Units)}& \text{Fixed cost per day (N)}& \text{Total cost per day (N)}\\ 20& 60& 100\\ 30& 60& 120\\ 40& 60& 130\\ 50& 60& 135\\ 60& 60& 150\\ 70& 60& 170\\ 80& 60& 190\end{array}$

  At 60 units of output, the AVC is

  Options:
  A) ₦2.50
  B) ₦1.50
  C) ₦90.00
  D) ₦150.00
  Show Answer
  The correct answer is B .
• Question 674: Which of the following set of statistical tools is used for further economic analysis? Options:
  A) the median and standard deviation
  B) the mean and mode
  C) the mean and standard deviation
  D) the mode and median
  Show Answer
  The correct answer is B .
• Question 675: The main economic objective behind the production of goods and services in any economy is to? Options:
  A) maximize profits
  B) satisfy human wants
  C) become self reliant
  D) create job opportunities
  E) make people wealthy
  Show Answer
  The correct answer is B .
• Question 676: At the point where marginal revenue of a monopolist is equal zero, its total revenue will be? Options:
  A) falling
  B) rising
  C) equal to zero
  D) maximum
  Show Answer
  The correct answer is A .
• Question 677: An aging population is a population? Options:
  A) with a high dependency ratio
  B) with many young people
  C) in which the number of old persons is increasing
  D) that is dominated by very old people
  Show Answer
  The correct answer is C .
• Question 678: Idle cash balances are held for Options:
  A) planned purchases
  B) the purchase of bonds
  C) the purchase of shares
  D) unplanned purchases
  Show Answer
  The correct answer is D .
• Question 679: Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the? Options:
  A) interest rate
  B) returns on capital
  C) alternative capital foregone
  D) shadow price of foreign exchange
  Show Answer
  The correct answer is B .
• Question 680: In order to build up its capital stock, the typical less developed country should ideally Options:
  A) Increase total saving
  B) Depend on hand-out from foreigners
  C) Impose tariff on import
  D) nationalise all foreign concern
  E) None of the above
  Show Answer
  The correct answer is A .