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 891:

  $\frac{\sum f(x-x̄)}{N}$ is a formula used to calculate ____________

  Options:
  A) variance
  B) the quartile
  C) standard deviation
  D) mean deviation
  Show Answer
  The correct answer is D .
• Question 892:

  Use the data below to answer this questions

  54, 36, 62, 79, 83, 36, 62, 42, 62, and 42.Calculate the mean?

  Options:
  A) 45.5
  B) 55.6
  C) 55.8
  D) 65.8
  Show Answer
  The correct answer is C .
• Question 893: Two principal ways by which banks can lend money to their customers are through? Options:
  A) loans and overdrafts
  B) loans and discounting bills
  C) overdrafts and cheques
  D) overdraft and treasury bills
  Show Answer
  The correct answer is A .
• Question 894: Given that FC = N500, VC = N1,500, and Q = 50 units. Find the average cost of the product. Options:
  A) N30
  B) N40
  C) N10
  D) N20
  Show Answer
  The correct answer is B .
• Question 895: Palm oil industry is located in Bendel State because the State? Options:
  A) imports raw material for palm oil Industry
  B) is a palm tree growing area
  C) soil is unsuitable for other crops
  D) government does engage land for other crops
  E) land is suitable for oil
  Show Answer
  The correct answer is B .
• Question 896: The biggest source of government revenue in Nigeria is Options:
  A) mining, rents and royalties
  B) company income tax
  C) import duties
  D) export duties
  E) petroleum profit tax
  Show Answer
  The correct answer is E .
• Question 897: The joint ventures operating in the Nigerian oil industry are between? Options:
  A) the NNPC and independent marketers
  B) the NNPC and multinational marketers
  C) the NNPC and producer marketers
  D) multinational corperations and independent marketers
  Show Answer
  The correct answer is C .
• Question 898: The short-run inelasticity of supply of agricultural produce causes Options:
  A) stability in prices
  B) a steady rise in prices
  C) a steady decline in prices
  D) instability in prices
  Show Answer
  The correct answer is B .
• Question 899:

  

  Applying the law of comparative costs, how many units of groundnuts will Nigeria produce?

  Options:
  A) 7000 units
  B) 16000 units
  C) 9000 units
  D) 8000 units
  Show Answer
  The correct answer is D .
• Question 900: which of the following is not true about occupational distribution of the labour force of West Africa? Options:
  A) A large percentage of the labour force is engaged in agriculture
  B) Agriculture is the most important occupation in West Africa
  C) The manufacturing sector employs a large percentage of the population
  D) Agriculture does not constitute an important source of paid employment
  E) The public sector forms an important source of paid employment
  Show Answer
  The correct answer is C .