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 1751: Which of following rewards is associated with entrepreneurship as a factor of production? Options:
  A) Salaries
  B) Profit
  C) Interests
  D) Rents
  Show Answer
  The correct answer is B .
• Question 1752: By advertising, a monopolistic competitive firm tries to shift its Options:
  A) supply curve to the right
  B) demand curve to the right
  C) supply curve to the left
  D) demand curve to the left
  Show Answer
  The correct answer is B .
• Question 1753: country is said to be overpopulated when Options:
  A) the resocurce are more than enough to cater for the population
  B) the size of the population is greater than the annual budget
  C) the resources are inadequate to cater for the population
  D) there are too many able-bodied men and women in the country
  Show Answer
  The correct answer is C .
• Question 1754: The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as? Options:
  A) industrialization
  B) export-promotion
  C) import-substitution
  D) export--substitution
  E) import-expansion
  Show Answer
  The correct answer is C .
• Question 1755: Which financial institution is charged with the formulation of monetary polices in Nigeria? Options:
  A) The Central Bank of Nigeria
  B) The Nigeria Deposit Insurance Corporation
  C) The Abuja Commodity Exchange
  D) The Lagos Stock Exchange
  Show Answer
  The correct answer is A .
• Question 1756: In a closed economy, the marginal propensity to consume is 0.6 and the average propensity to consume 0.8. The value of the multiplier is? Options:
  A) 2.5
  B) 2.6
  C) 2.7
  D) 2.4
  Show Answer
  The correct answer is A .
• Question 1757: 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 1758:

  

  Consider the following diagram where XYZ represents the average curve of a firm. XY shows that as out put increases the average declines. However, this decline cannot continue indefinitely because

  Options:
  A) managerial economies
  B) indivisibilities
  C) the extent of the market
  D) the pooling of dissimilar risks
  Show Answer
  The correct answer is B .
• Question 1759: The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as? Options:
  A) budget deficit
  B) balance budget
  C) budget surplus ‘
  D) budget statement
  E) unfavourable budget.
  Show Answer
  The correct answer is A .
• Question 1760:

  The arithmetic mean of 5, 8, 10, 15, 24 and 28 is_______

  Options:
  A) 145
  B) 15
  C) 90
  D) 6
  Show Answer
  The correct answer is B .