JAMB and WAEC Economics questions

745 questions with answers and explanations. Tap an option to check yourself.

1. Question 341· Methods and tools of economic analysis· JAMB

   A basket of goods cost ₦2,000 in the base year and ₦2,500 in the current year. Find the price index for the current year.

   • A80
   • B25
   • C125
   • D500

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   Explanation and discussion

2. Question 342· Methods and tools of economic analysis· JAMB

   The standard deviation of a set of data measures

   • Athe middle value
   • Bhow widely the values are spread about the mean
   • Cthe most frequent value
   • Dthe total of the values

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3. Question 343· Methods and tools of economic analysis· JAMB

   An index number for 2024 with base year 2020 = 100 is 135. Prices have risen by

   • A135%
   • B35%
   • C13.5%
   • D65%

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   Explanation and discussion

4. Question 344· Methods and tools of economic analysis· WAEC

   A diagram in which data are shown as sectors of a circle is a

   • Apie chart
   • Bhistogram
   • Cbar chart
   • Dline graph

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   Explanation and discussion

5. Question 345· Methods and tools of economic analysis· WAEC

   The middle value of a set of data arranged in order is the

   • Arange
   • Bmean
   • Cmode
   • Dmedian

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6. Question 346· Methods and tools of economic analysis· WAEC

   The median of the figures 3, 9, 5, 11 and 7 is

   • A5
   • B35
   • C9
   • D7

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7. Question 347· Methods and tools of economic analysis· JAMB

   The arithmetic mean of ₦300, ₦500, ₦700 and ₦900 is

   • A₦700
   • B₦500
   • C₦2,400
   • D₦600

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8. Question 348· Methods and tools of economic analysis· JAMB

   The price of a good is ₦80 in 2020 (base year) and ₦100 in 2024. The price index for 2024 is

   • A125
   • B80
   • C100
   • D20

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   Explanation and discussion

9. Question 349· Methods and tools of economic analysis· JAMB

   A bar chart is suitable for

   • Astating laws
   • Bshowing proportions of a whole only
   • Cplotting functions
   • Dcomparing quantities across categories

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10. Question 350· Methods and tools of economic analysis· JAMB

    The mean of 20, 30, 40 and 50 is

    • A30
    • B40
    • C35
    • D140

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11. Question 351· Methods and tools of economic analysis· WAEC

    The arithmetic mean of 4, 6, 8 and 10 is

    • A6
    • B7
    • C8
    • D28

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12. Question 352· Methods and tools of economic analysis· JAMB

    A trader's sales over five weeks were ₦4,000, ₦6,000, ₦8,000, ₦10,000 and ₦12,000. Find the mean and the range.

    • Amean ₦8,000; range ₦12,000
    • Bmean ₦8,000; range ₦8,000
    • Cmean ₦10,000; range ₦8,000
    • Dmean ₦6,000; range ₦4,000

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13. Question 353· Methods and tools of economic analysis· JAMB

    A household spends ₦18,000 of its ₦72,000 monthly income on food. In a pie chart of its spending, the angle for food is

    • A25°
    • B72°
    • C18°
    • D90°

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    Explanation and discussion

14. Question 354· Methods and tools of economic analysis· WAEC

    A graph showing changes in a variable over time is a

    • Atime-series graph
    • Bpie chart
    • Chistogram of frequencies
    • Dpictogram only

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15. Question 355· Methods and tools of economic analysis· JAMB

    The mode of 3, 5, 5, 7, 8, 8, 8, 9 is

    • A3
    • B5
    • C7
    • D8

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16. Question 356· Methods and tools of economic analysis· JAMB

    Find the median of ₦20, ₦50, ₦30, ₦40 and ₦10.

    • A₦40
    • B₦30
    • C₦20
    • D₦50

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17. Question 357· Money and inflation· WAEC

    When prices of most goods keep rising over a long period, people on fixed incomes

    • Alose purchasing power
    • Bgain purchasing power
    • Cpay no tax
    • Dare unaffected

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    Explanation and discussion

18. Question 358· Money and inflation· WAEC

    Which function of money allows the worth of a goat and a bag of rice to be compared?

    • Astore of value
    • Bmedium of exchange
    • Cmeasure of value
    • Dstandard of deferred payment

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19. Question 359· Money and inflation· WAEC

    The value of money is

    • Athe paper it is printed on
    • Bwhat it can buy
    • Cits serial number
    • Dits colour

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    Explanation and discussion

20. Question 360· Money and inflation· JAMB

    A ₦1,000 note can be changed into smaller notes for small purchases. This quality of money is

    • Adivisibility
    • Bdurability
    • Cportability
    • Dscarcity

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    Explanation and discussion