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 61: In many developing countries, infrastructural problems is acute due to the shortage of? Options:
  A) industries and industrial equipment
  B) savings, investment and consumption
  C) natural resources for development
  D) supporting services that encourage economic activities
  Show Answer
  The correct answer is D .
• Question 62: The major determinant of cross elasticity of demand is the Options:
  A) price of the good
  B) degree of necessity of the good
  C) level of income of consumers
  D) closeness of the substitutes
  Show Answer
  The correct answer is D .
• Question 63: The difference between birth and death rates of a given population is referred to as the Options:
  A) mortality rate
  B) fertility rate
  C) natural growth rate
  D) linear growth rate
  Show Answer
  The correct answer is C .
• Question 64: The distinction between onshore and offshore operations in oil exploration lies in the Options:
  A) location of sites
  B) output generated
  C) size of production
  D) techniques of production
  Show Answer
  The correct answer is A .
• Question 65: The Nigerian economy is mono-cultural because government revenue is derived mainly from? Options:
  A) agriculture
  B) manufacturing
  C) coal
  D) crude oil
  Show Answer
  The correct answer is D .
• Question 66: A limited liability company is usually owned by? Options:
  A) an individual
  B) a government
  C) shareholders
  D) two or more partners
  Show Answer
  The correct answer is C .
• Question 67: in equilibrium, injections are equal to? Options:
  A) withdrawals
  B) surplus of imports over exports
  C) government spending
  D) wages
  Show Answer
  The correct answer is A .
• Question 68:

  

  The total revenue of the firm is represented by

  Options:
  A) GHEF
  B) GHJC
  C) EFJC
  D) GHOB
  Show Answer
  The correct answer is D .
• Question 69: The short-run period in production is defined as a period when? Options:
  A) there is at least one fixed factor
  B) all costs of production must be covered
  C) the output cannot be varied
  D) current output is not profitable
  Show Answer
  The correct answer is A .
• Question 70:

  $\begin{array}{ccc}& \text{Year 1}& \text{Year 2}\\ \text{GNP at current prices(NM)}& 20,000& 27,000\\ \text{Population(Million)}& 20& 24\end{array}$

  Calculate the GNP per head of the population in year 1 and year 2.

  Options:
  A) N2000.00, N1000.00
  B) N1125.00; N2000.00
  C) N1000.00, N2000.00
  D) N1000.00; N1125.00
  Show Answer
  The correct answer is D .