Economics 2019 Past Questions | WAEC

Study the following Economics past questions and answers for JAMBWAEC  NECO and Post-JAMB. Get prepared with official past questions and answers for upcoming examinations.

1. The fundamental economic problem in every society is

  • A. the large number of the unemployed
  • A. Limited supply of productive resources
  • B. inadequate supply of money
  • C. corruption and mismanagement

2.  A point X inside the production possibility curve indicates that

  • A. resources are fully utilized
  • B. the country is poor
  • C. some resources are idle
  • D. resources are not available

3. The major employer of labour in developing countries is the

  • A. tertiary sector
  • B. secondary sector
  • C. primary sector
  • D. industrial sector

4. The wages of a group of workers in dollars is stated below;

40, 30, 70, 20, 60, 10, 10, 80, 30, and 10.

What is the mean wage

  • A. $35
  • B. $36
  • C. $37
  • D. $38

5. The desire for profits is a major feature of 

  • A. traditional economy
  • B. mixed economy
  • C. market economy
  • D. command economy

6. If the coefficient of price elasticity of demand of a product is zero, then its demand curve will be

  • A. parallel to the quantity axis
  • B. parallel to the price axis
  • C. negatively sloped
  • D. positively sloped

7. If the demand function is Qd = -0.5p + 20, calculate the quantity demanded when price is $15.0

  • A. -%27.50
  • A. -%12.50
  • C. $12.50
  • D. -$27.50

8. If less of a good is bought as one’s income increases, such a good is

  • A. a normal good
  • B. a luxury
  • C. a necessity
  • D. an inferior good

9. The demand for coffee and tea is 

  • A. joint
  • B. competitive
  • C. composite
  • D. derived

10. What effect will an increase in the supply of fish have on the meat market

  • A. a fall in equilibrium price and quantity
  • B. an increase in equilibrium price and quantity
  • C. an increase in equilibrium price and a fall in quantity
  • D. both equilibrium price and quantity will remain unchanged

11.  Which of the following factors is not a condition for a change in the supply of a commodity?

  • A. improved technology
  • B. cost of production
  • C. the price of the commodity
  • D. government tax policies

12.  Supply of agricultural products is likely to be elastic in the

  • A. intermediate period
  • B. long-run
  • C. market period
  • D. short-run

13.  Two commodities X and Y are in joint supply when 

  • A. X is a by-product of Y
  • B. X and Y are produced by the same firm
  • C. increase in the quantity of X leads to a decrease in Y
  • D. X and Y cannot be produced in the same process


Table 1

Units of quantity consumed

Total utility

Marginal utility

















The table above illustrates the law of?

  • A. diminishing returns
  • B. diminishing marginal productivity
  • C. diminishing marginal utility
  • D. variable proportion

15.  When the price of a good is above the equilibrium, there will be

  • A. a shortage
  • B. a surplus.
  • C. unemployment
  • D. inflation
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