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 1131: Given that ∑fx = 340 and N = 20, find the arithmetic mean. Options:
  A) 20
  B) 17
  C) 32
  D) 9
  Show Answer
  The correct answer is B .
• Question 1132: A firm is said to have benefited from external economies in production if it has realized? Options:
  A) a more efficient management of resources
  B) a better combination of factors of production
  C) reduced resources costs due to operation of other firms
  D) a higher profit level due to increased sales
  Show Answer
  The correct answer is C .
• Question 1133:

  The economies of West African Countries depend majorly on

  Options:
  A) primary product
  B) secondary product
  C) tertiary product
  D) manufacturing product
  Show Answer
  The correct answer is A .
• Question 1134: The effect of emigration on a country's population is Options:
  A) decrease in the population
  B) decrease in job opportunities
  C) increase in population
  D) increase in dependency ratio
  Show Answer
  The correct answer is A .
• Question 1135:

  

  In the diagram above, the marginal rate of substitution of X for Y, for a movement from S to T is

  Options:
  A) 13:3
  B) 1:5
  C) 18:4
  D) 5:1
  Show Answer
  The correct answer is D .
• Question 1136: If in the short-run commodity X and commodity Y are supplied jointly, which of the following is correct? Options:
  A) An increase in demand for X will increase the supply of Y
  B) An increase in demand for X will shift the supply of Y
  C) An increase in demand for Y will raise the price of X
  D) An increase in demand for X will cause less of Y to be produced
  E) A probable tax on Y will cause more of X to be supplied
  Show Answer
  The correct answer is A .
• Question 1137: As a country gets more developed, the percentage of labour engaged in agriculture tends to? Options:
  A) remain constant
  B) decrease steadily
  C) switch over to trading
  D) increase steadily
  Show Answer
  The correct answer is B .
• Question 1138:

  The determination of wages in a labour market depends on the_______

  Options:
  A) Government
  B) People
  C) Interaction between demand and supply of labour
  D) Economy
  Show Answer
  The correct answer is C .
• Question 1139:

  Multiplier can be described as

  Options:
  A) the ratio of change in an endogenous variable to the change spending
  B) the ratio of variables that multiplies autonomous spending plus tax
  C) the ratio of change in output to a change in autonomous spending
  D) the ratio of variables that multiplies autonomous spending
  Show Answer
  The correct answer is A .
• Question 1140: A disadvantage of the corporate formof business is the? Options:
  A) risk of the owners of loss of personal effects if the business should fail
  B) ability of the corporation to is financial resources
  C) limited life span of the corporation
  D) problems presented by separation ownership from control
  E) None of the above
  Show Answer
  The correct answer is D .