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.

16.  What happens when a minimum price is imposed in a market? 

  • A. Shortage occurs
  • B. Surplus occurs
  • C. market maintains its equilibrium
  • D. Many firms will close down

17. When an increase in inputs leads to a more than proportionate increase in output, there is

  • A. decreasing returns to scale
  • B. Increase in marginal product
  • C. increasing returns to scale
  • D. constant returns to scale

18.  The short-run in production is the time period when

  • A. techniques of production can easily be changed
  • B. all factors of production are variable
  • C. at least a factor is fixed while others are variable
  • D. variable factors cannot be changed

The table below shows the short-run cost of a firm. Use it to answer the question below

Quantity (kg)

Fixed cost ($)

Variable cost ($)

Total cost ($)

Marginal cost ($)

Average cost ($)


















19. Calculate the value of Q

  • A. $350
  • B. $340
  • C. $360
  • D. $370

20. A cost of production that is positively related to output is the

  • A. total fixed cost
  • B. average fixed cost
  • C. variable cost
  • D. social cost

21. In perfect competition, the average revenue curve of a firm is

  • A. below the marginal revenue curve
  • B. downward sloping
  • C. the marginal revenue curve
  • D. convex to the origin

22. Which of the following means of funding a business is very reliable and cheap?

  • A. Bank loans
  • B. Loans from friends
  • C. Plough back profits
  • D. Debentures

23. Government in most cases influences the location of firms to 

  • A. discourage private investors
  • B. ensure equitable distribution
  • C. reduce the cost of production
  • D. make the firms enjoy economies of scale

24. Middlemen are made up of

  • A. manufacturers, wholesalers, and consumers
  • B. manufacturers, wholesalers, and retailers
  • C. wholesalers, retailers and hawkers
  • D. wholesalers, retailers, and consumers

25. Malthusian theory of population was proved wrong because

  • A. the practice of subsistence farming was encouraged
  • A. Malthus view was seen as an exaggeration
  • B. developing countries adopted birth control method
  • C. new lands and new methods of production were discovered

26. Human development can be improved if

  • A. banks give more loans to businessmen
  • B. large family sizes are encouraged
  • C. general education and training are encouraged
  • D. it is handled by the private sector only

27. The use of interest rates to control the money supply is a

  • A. control policy
  • B. monetary policy
  • C. developmental policy
  • D. fiscal policy

28. Agricultural productivity may be increased if

  • A. educational institutions are established in rural areas
  • B. commercial banks are established in rural areas
  • C. more infrastructural facilities are provided in rural areas
  • D. labour intensive method of agriculture is encouraged

29. Which of the following is a major advantage of establishing a tomato-processing factory in a country?

  • A. Local consumption will decrease
  • B. More unskilled labour will be employed
  • C. Foreign exchange will be conserved
  • D. It will attract more tourists

30. A country is described as industrialized if

  • A. the contributions of industries to national income are high
  • B. traditional and modern sectors coexist
  • C. the country adopts an import promotion strategy
  • D. primary industries dominate the economy
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