# 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.

46. Which of the following institutions is Concerned with expanding developing countries’ commodity trade

• A. World Trade Organization (WTO)
• C. Economic Commission for Africa (ECA)
• D. African Development Bank (AfDB)

47. The major achievement of the Economic Community of West African States (ECOWAS) is that it has

• A. made capital more mobile
• B. made possible the use of common currency
• C. increased members’ allegiance to former colonial masters
• D. widened the market for goods produced

48. One measure for financing a country’s balance of payments deficit is through

• A. export diversification
• B. import substitution
• C. short-term borrowing from IMF
• D. internal borrowing from commercial banks

49.  Exploitation of forest resources becomes a major problem when

• A. communities fight over ownership
• B. they are not renewed
• C. they are neglected
• D. the supply is fixed in the long-run

50. Natural resources that are renewable are found in the

• A. mining sector
• C. agricultural sector
• D. secondary sector

## ECONOMICS THEORY PAST QUESTIONS 2019 WITH SOLUTION

1. The diagram above represents the equilibrium position of a firm in a perfectly competitive industry. Study it carefully and answer the questions that follow.

1. (a) i. At what level of output and prices is the firm in equilibrium?
2. Calculate the firm’s profit in equilibrium

iii. What type of profits is it?

(b) i. Why is the average revenue (AR) function horizontal?

(c) State any two ways in which marginal cost (MC) and average total cost (ATC) are related.

2.

1. The extract from a country’s balance of payments account is shown below
 Item Imports ($million) Export ($) Agricultural products – 200 Mineral products – 300 Consumer goods 250 – Capital goods 400 – Insurance 50 25 banking 75 30 Transportation 85 25 Loans 150 60
• Using the table above, calculate the:
• (c) balance on current account

3.  Define distribution of goods.

Illustrate the normal chain of distribution of goods.

Describe a consumers’ cooperative society.

Outline any four roles performed by a consumers’ cooperative society

4.  What is an industry?

Explain the following:
i. division of labor
ii. economies of scale

Outline any four internal economies of scale.

5. Define a joint venture.

identify any three merits of a private company over a partnership.

State any three sources of finance to a public enterprise

6.  Distinguish between the following pairs of concepts

elastic demand and inelastic demand

Income elasticity of demand and cross elasticity of demand.

Using diagrams, explain how an increase in price will affect the total revenue of a producer if demand for his product is:
i. price elastic
ii. price inelastic

7. What is public debt?

Outline any three reasons why counties borrow.

Highlight any three effects of a huge national debt on the economy of a country.

8. Distinguish between:
Growing population and a declining population

overpopulation and under population.

Explain any four disadvantages of a rapidly growing population in an economy

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