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JAMB and WAEC Economics questions: Methods and tools of economic analysis

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

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All topicsAgriculture in Nigeria · 30Business organisations · 29Economic growth and development · 30Economic systems · 28Economics as a science · 30Factors of production · 28Financial institutions · 30Industry and industrialisation · 30International economic organisations · 29International trade · 32Market structures · 31Methods and tools of economic analysis · 29Money and inflation · 34National income · 36Natural resources and the Nigerian economy · 30Population · 30Public finance · 31The labour market · 31Theory of consumer behaviour · 30Theory of costs and revenue · 33Theory of demand · 43Theory of price determination · 30Theory of production · 29Theory of supply · 32

  1. Question 1· Methods and tools of economic analysis· WAEC

    The median of 15, 9, 21, 12 and 18 is

    Explanation and discussion

  2. Question 2· Methods and tools of economic analysis· WAEC

    Which chart best shows the shares of total government spending on education, health, defence and roads?

    Explanation and discussion

  3. Question 3· Methods and tools of economic analysis· WAEC

    A survey found that a loaf of bread cost ₦600, ₦650, ₦650, ₦700 and ₦800 in five shops. Find the mode.

    Explanation and discussion

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

    Find the median of 7, 3, 9, 5 and 11.

    Explanation and discussion

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

    The mode of the data 3, 5, 5, 7, 9 and 5 is

    Explanation and discussion

  6. Question 6· Methods and tools of economic analysis· JAMB

    A household spends ₦15,000 of its ₦60,000 monthly budget on food. In a pie chart of the budget, the angle for food is

    Explanation and discussion

  7. Question 7· Methods and tools of economic analysis· WAEC

    The mean of 6, 8, 10, 12 and 14 is

    Explanation and discussion

  8. Question 8· Methods and tools of economic analysis· WAEC

    In a pie chart of total expenditure of ₦720,000, food costs ₦180,000. The angle for food is

    Explanation and discussion

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

    Find the mode of 3, 5, 5, 7, 9, 5, 7.

    Explanation and discussion

  10. Question 10· Methods and tools of economic analysis· WAEC

    The value that occurs most often in a set of data is the

    Explanation and discussion

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

    Find the mean of 12, 15, 18, 20 and 25.

    Explanation and discussion

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

    The price of a bag of rice rises from ₦50,000 to ₦60,000. Find the percentage increase.

    Explanation and discussion

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

    A graph of quantity demanded against price is used mainly to show

    Explanation and discussion

  14. Question 14· 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.

    Explanation and discussion

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

    The standard deviation of a set of data measures

    Explanation and discussion

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

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

    Explanation and discussion

  17. Question 17· Methods and tools of economic analysis· WAEC

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

    Explanation and discussion

  18. Question 18· Methods and tools of economic analysis· WAEC

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

    Explanation and discussion

  19. Question 19· Methods and tools of economic analysis· WAEC

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

    Explanation and discussion

  20. Question 20· Methods and tools of economic analysis· JAMB

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

    Explanation and discussion

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