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 611: Capital consumption allowance refers to? Options:
  A) personal consumption expenditure
  B) indirect business taxes
  C) depreciation of capital equipment
  D) expenditure on capital equipment
  Show Answer
  The correct answer is C .
• Question 612:

  Which of the following sets fully represents factors of production?

  Options:
  A) Sunlight, machinery, man, land
  B) Land, water, weather
  C) Money, market, middlemen
  D) Land, labour, capital, enterprise, technology
  Show Answer
  The correct answer is D .
• Question 613: Public limited liability companies are owned by__________? Options:
  A) The federal government
  B) Private and individual organizations
  C) The state government
  D) The federal and state governments
  Show Answer
  The correct answer is B .
• Question 614: A firm operating at full capacity will have a Options:
  A) perfectly inelastic supply curve
  B) perfectly elastic supply curve
  C) fairly elastic supply curve
  D) fairly inelastic supply curve
  Show Answer
  The correct answer is A .
• Question 615:

  $\begin{array}{cc}\text{Population(Million)}& \text{Food Production(Milion tonnes)}\\ 50& 220\\ 70& 210\\ 90& 225\\ 100& 275\end{array}$

  In the data above, what is the optimum population in million?

  Options:
  A) 50
  B) 70
  C) 90
  D) 100
  Show Answer
  The correct answer is A .
• Question 616: Money may not be accepted as a store of value if? Options:
  A) its value is unstable
  B) it is easily transferable
  C) its value is stable
  D) it is easily divisible
  Show Answer
  The correct answer is A .
• Question 617: In the circular flow of income, an increase in savings causes Options:
  A) an increase in imports
  B) a decrease in the income stream
  C) an increase in household consumption
  D) a decrease in exports
  Show Answer
  The correct answer is B .
• Question 618: A large standard deviation is an indication of Options:
  A) the size of the sample
  B) a wide spread around the mean
  C) a wide difference between the mean and the mode
  D) the difference between the highest and the lowest values
  Show Answer
  The correct answer is B .
• Question 619: A major impediment to the development of agriculture in Nigeria is Options:
  A) land use system
  B) inadequate supply of farm inputs
  C) low income of farmers
  D) limited research on seedlings
  Show Answer
  The correct answer is B .
• Question 620: If a person demands money for buying and selling securities. It is referred as demanding money for Options:
  A) Transaction purposes
  B) Speculative purposes
  C) Precautionary purposes
  D) Meeting the educational expenses of the children
  E) Carrying out gambling activities
  Show Answer
  The correct answer is B .