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.

31. The total value of goods and services produced within the borders of a country is

  • A. net national product
  • B. net domestic product
  • C. gross domestic product
  • D. gross national product

32. Which of the following factors will not underestimate the national income?

  • A. Rapid decrease in prices
  • B. Increased subsistence production
  • C. Practice of specialization of labour
  • D. Increase in value of services not paid for

33. Which of the following items is not considered as a transfer payment?

  • A. Pension pay
  • B. Government subsidy
  • C. Students’ grant
  • D. Doctor’s salary

34.  Which of the following is true of the value of money? It

  • A. is positively related to the price level
  • B. depends on the value people attach to it
  • C. is determined by the government
  • D. is inversely related to the price level

35. The motive for holding money to meet unforeseen events is termed

  • A. precautionary demand
  • B. transactions demand
  • C. liquidity demand
  • D. speculative demand

36. An increase in the prices of factor inputs may result in

  • A. demand-pull inflation
  • B. stagflation
  • C. open inflation
  • D. cost-push inflation

37. Citizens are protected from the government’s arbitrariness in taxation by the canon of

  • A. elasticity
  • B. flexibility.
  • C. economy
  • D. certainty

38. What happens when the central bank increases the bank rate?

  • A. Amount of borrowing increases
  • B. Amount of borrowing decreases
  • C. Supply of money increases
  • D. Commercial banks are not affected

39. Insurance Companies are similar to commercial banks in that they

  • A. Compensate their customers for losses
  • B. act as lender of last resort
  • C. help in maintaining monetary stability in a nation
  • D. help in mobilizing savings for investment

40.  In most developing countries, a large percentage of the labour force is engaged in

  • A. trading
  • B. mining
  • C. agriculture
  • D. manufacturing

41. In most underdeveloped countries, development plans do not achieve their objective due to

  • A. poor coordination between local and national governments
  • B. exportation of more primary products
  • C. lack of educational institutions in those countries
  • D. urban-rural migration of citizens

42. In a period of unemployment and falling prices, the government should adopt a

  • A. zero-based budget
  • B. budget deficit
  • C. balanced budget
  • D. surplus budget

43. 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

44. Devaluation of currency may not correct a balance of payments deficit if the demand for export is

  • A. perfectly inelastic
  • B. perfectly elastic
  • C. fairly elastic
  • D. unitary elastic

45.  An improvement in a country’s terms of trade means that the

  • A. nation can export more services
  • B. nation’s receipts on export are equal to payments on imports
  • C. value of her imports is lower than her exports
  • D. visible exports is less than visible imports
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