# 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

• 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

14.

 Table 1 Units of quantity consumed Total utility Marginal utility 0 – – 1 10 10 2 15 5 3 17 2 4 18 1 5 18 0

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

Subscribe
Notify of