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 1601: The median of an odd-numbered set of scores is the Options:
  A) Middle value in the set
  B) Highest value in the set
  C) Arithmetic means of the set
  D) Most frequent occuring score
  Show Answer
  The correct answer is A .
• Question 1602: The most basic concern of economists is to? Options:
  A) create human wants
  B) satisfy all human want
  C) redistribute income so that it is used correctly
  D) create perfect competition
  E) study ways of allocating scarce resources in order to satisfy human wants
  Show Answer
  The correct answer is E .
• Question 1603:

  Class mark (₦)	2	5	8	11	14
  Frequency	2	3	1	3	1

  The table shows the wage distribution of workers.Calculate the mean wage

  Options:
  A) ₦7.40
  B) ₦4.00
  C) ₦10.00
  D) ₦14.80
  Show Answer
  The correct answer is A .
• Question 1604: The market in which the operators are many and none of them can influence the price is Options:
  A) stock exchange market
  B) imperfect market
  C) perfect foreign market
  D) exchange market
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  The correct answer is C .
• Question 1605: Export-promotion policy is primary concerned with the? Options:
  A) processing of raw materials to increase their value
  B) making of international routes safe for export commodity
  C) reduction in the number of imported items
  D) encourage of the production of export commodities
  Show Answer
  The correct answer is D .
• Question 1606: GDP differs from GNP because GDP Options:
  A) is inclusive of depreciation
  B) emphasizes the final goods and service produced within the country at a particular period
  C) emphasizes the goods and services within the country
  D) emphasizes the market value of all final goods and services produced by nationals
  Show Answer
  The correct answer is B .
• Question 1607: If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is Options:
  A) excise duties
  B) import duties
  C) quotas
  D) tariff
  Show Answer
  The correct answer is C .
• Question 1608: When interest rates are high and still rising the least-cost method used by public limited companies to obtain additional funds for their operations is by? Options:
  A) obtaining life-term loans from merchant banks
  B) obtain short-term loans from commercial banks
  C) selling floating-rate debenture stocks to the general public
  D) selling new ordinary shares to the general public
  Show Answer
  The correct answer is D .
• Question 1609: One major difference between monopoly and perfect competition is that? Options:
  A) the perfect competitor is a price taker while the monopolist determines his own output
  B) homogeneity of purpose exists for the perfect competitor while non-homogeneity of purpose exist for the monopolist
  C) sellers are located all over the world in the perfect competition but sellers are only in one country in the case of the monopolist
  D) there is free entry and exist in perfect competition but no free exist in monopoly
  Show Answer
  The correct answer is A .
• Question 1610: If a country operates a freely floating exchange rate system, and suffers a balance of payments deficit can be eliminated through? Options:
  A) a rise in the external value of its currency
  B) a fall in the external value of its currency
  C) an increase in the volume of imports
  D) the consumption of more foreign goods
  Show Answer
  The correct answer is B .