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 261: The mean is the best measure of central tendency because it Options:
  A) is not affected by extreme values in a data
  B) is a midpoint value in an array of data
  C) is a balancing point in an observation
  D) can be calculated from incomplete data
  Show Answer
  The correct answer is C .
• Question 262: A company is said to be highly geared if the? Options:
  A) value of fixed interest loans is high compared with share capital
  B) Value of shared capital is high compared with fixed interest loans
  C) dividend rate is high
  D) interest rate is high
  Show Answer
  The correct answer is A .
• Question 263:

  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 264: If the income of a consumer rises and his demand for good X falls, good X can be described as Options:
  A) a normal good
  B) an adnoral good
  C) a good with inelastic demand
  D) a good with unitary elastic demand
  E) none of the above
  Show Answer
  The correct answer is E .
• Question 265: National Income estimates can be used to? Options:
  A) differentiate between the rich and the poor in a country
  B) prepare a country's annual budget
  C) protect the level of a country's economic develompent
  D) compare a country's growth rate with that of another over a period of time
  Show Answer
  The correct answer is D .
• Question 266: Creeping inflation implies that there is a? Options:
  A) gentle and persistent increase in the general price level
  B) rapid and persistent increase in the general price level
  C) gentle but not permanent increase in the general price level
  D) rapid but not permanent increase in the general price level
  Show Answer
  The correct answer is A .
• Question 267: The world market for crude oil refers to the Options:
  A) total supply by OPEC members
  B) total demand for and supply of crude oil
  C) excess crude oil produced in the world
  D) difference between the supply of and demand for oil
  Show Answer
  The correct answer is B .
• Question 268:

  

  In the diagram above, ST is the budget line while l,ll and lll represent indifference curves. A rational consumer will choose to consume at point

  Options:
  A) M
  B) J
  C) K
  D) L
  Show Answer
  The correct answer is D .
• Question 269: Petroleum is the mainstay of the Nigerian economy because it is the? Options:
  A) main foreign exchange earner
  B) greatest employer of labour
  C) greatests contributor to the growth of agriculture
  D) source of high income for its workers
  Show Answer
  The correct answer is A .
• Question 270: The major reason why countries strive to achieve optimum growth is to Options:
  A) be self-sufficient
  B) raise general living standards
  C) raise the level of production
  D) reduce aggregate expenditure
  Show Answer
  The correct answer is A .