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 961: If aggregate demand is lower than total output in an economy national income will Options:
  A) be constant
  B) be at equilibrium
  C) increase
  D) fall
  Show Answer
  The correct answer is D .
• Question 962:

  Calculate the population density of Nigeria, having a total population of 180 million with a total land area of 923,768 sq km?

  Options:
  A) 195 million people per sq km
  B) 5132 people per sq km
  C) 195 people per sq km
  D) 1.7 million people per sq km
  Show Answer
  The correct answer is C .
• Question 963: Which of the following is likely to hinder labour mobility in Nigeria? Options:
  A) Higher wages elsewhere
  B) Cultural similarities
  C) Good accommodation elsewhere
  D) Ignorance of job opportunities elsewhere
  Show Answer
  The correct answer is B .
• Question 964: If P₈ and P₉ represent the population of West African in 1978 and 1979 respectively, and given that in 1979.D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by Options:
  A) P₉ = P₈ + D - B = I - E
  B) P₉ = P₈ + B - D + I - E
  C) P₉ =P₈ + B - D + E - I
  D) P₉ = B - D + I - E
  E) P₉ = P₈ + B + D + I + E
  Show Answer
  The correct answer is B .
• Question 965:

  From the table, how many people scored above 6?

  Options:
  A) 25
  B) 24
  C) 5
  D) 30
  Show Answer
  The correct answer is B .
• Question 966:

  

  If in this demand-supply diagram, the quantity supplied is OQ, then

  Options:
  A) price will be OP
  B) there will be excess demand of RT
  C) price will be ON
  D) price will tend to rise
  Show Answer
  The correct answer is B .
• Question 967:

  

  The curve labeled II illustrates a system of taxation

  Options:
  A) proportional tax
  B) regressive tax
  C) value added
  D) progressive tax
  Show Answer
  The correct answer is A .
• Question 968:

  

  From the table calculate the national income

  Options:
  A) ₦18,500m
  B) ₦19,000m
  C) ₦19,500m
  D) ₦20,500m
  Show Answer
  The correct answer is B .
• Question 969: The maximum number of shareholders for a limited liability company's is Options:
  A) twenty
  B) five
  C) seven
  D) infinite
  Show Answer
  The correct answer is D .
• Question 970: The assumption of profit maximization implies profit? Options:
  A) is the most important consideration of the firm
  B) is the sole consideration of the firm
  C) assumes an insatiable propotion in the instinct of management
  D) is made in other to break-even
  Show Answer
  The correct answer is A .