# 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 ($) 1 750 200 950 – 950 2 750 560 1310 360 655 3 750 900 P Q 550 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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