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 761:

  

  From the diagram above, the quantity of output is determined by the point

  Options:
  A) M
  B) N
  C) H
  D) F
  Show Answer
  The correct answer is D .
• Question 762: One of the factors affecting the supply of manufactured goods is Options:
  A) Weather
  B) Technology
  C) Consumer tastes
  D) Availability of inputs
  Show Answer
  The correct answer is B .
• Question 763:

  $\begin{array}{cc}\text{Age group(years)}& \text{Distribution(\%)}\\ \text{Above 60}& 30\\ 15-60& 45\\ 0-14& 25\end{array}$

  The estimated dependency ratio of the population distribution shown here is

  Options:
  A) 11:9
  B) 9:11
  C) 7:3
  D) 3:7
  Show Answer
  The correct answer is A .
• Question 764: The process of building up country’s capacity to process raw materials for the production of goods is known as Options:
  A) firm
  B) industry
  C) industrialization
  D) location of industry
  E) localization
  Show Answer
  The correct answer is C .
• Question 765: To control inflation, the monetary authorities of a country can? Options:
  A) reduce taxes
  B) advise government to increase its expenditure
  C) engage in expansive monetary policy
  D) engage inrestrictive monetary policy
  Show Answer
  The correct answer is D .
• Question 766: A firm is at its optimum size when? Options:
  A) it produce the greatest output at a minimum cost
  B) it has a motive to increase output
  C) marginal cost equals marginal revenue
  D) marginal cost is less than marginal revenue
  Show Answer
  The correct answer is A .
• Question 767: For a supply curve, an increase in the price of a commodity will result in? Options:
  A) a decrease in supply
  B) a decrease in the quantity supplied
  C) an increase in supply
  D) an increase in the quantity supplied
  Show Answer
  The correct answer is D .
• Question 768: Corrections in the GNP figures for price changes require the use of a Options:
  A) Retail price index
  B) Producer price index
  C) Price index
  D) Price deflator
  Show Answer
  The correct answer is D .
• Question 769:

  A ............ in the price of the domestic currency in terms of a foreign currency is referred to as .............

  Options:
  A) Decrease, appreciation
  B) Increase, de-appreciation
  C) Decrease, depreciation
  D) Increase, consolidation
  Show Answer
  The correct answer is C .
• Question 770: The best measure of dispersion to determine the tallest tree in a forest is Options:
  A) range
  B) variance
  C) standard deviation
  D) mean deviation
  Show Answer
  The correct answer is B .