Economics 2020 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.  If a beef market is in equilibrium at $4.00 per kg, an increase in price to $6.00 per kg may cause

  • A. surplus in the market
  • B. shortage in the market
  • C. black market to come into operation
  • D. rationing to be introduced

17.  A large firm may experience diseconomies of scale if there is 

  • A. difficulty in coordinating decisions
  • B. division of labor in production
  • C. employment of more specialist
  • D. decrease in the cost of production

18. Increasing returns to scale suggests that 

  • A. a firm can make a profit by reducing output
  • B. a firm can make more profit by increasing output
  • C. as the producer reduces the quantity of raw materials used, the marginal product will double
  • D. as the producer increases the quantity of raw materials used, the marginal product will fall

19.  One feature of the average fixed cost is that it

  • A. falls continuously but is never equal to zero.
  • B. is U-shaped and intersects the Y-axis
  • C. rises and falls faster than the marginal cost
  • D. is always higher than the average variable cost

20.  If the average fixed cost (AFC) of producing 5 bags of rice is $20.00, the average fixed cost of producing 10 bags will be 

  • A. $2.00
  • B. $4.00
  • C. $10.00
  • D. $20.00

21. The table below shows the total revenue schedule of a firm. Use the information to answer the question that follows

Output (units)

50

60

70

80

90

Total revenue (TR) $

85

102

119

136

153

What is the unit price of the firm’s output

  • A. $10.00
  • B. $2.70
  • C. $2.00
  • D. $1.70

22.  The table below shows the total revenue schedule of a firm. Use the information to answer the question that follows

Output (units)

50

60

70

80

90

Total revenue (TR) $

85

102

119

136

153

What is the firm’s marginal revenue? 

  • A. $153.00
  • B. $17.00
  • C. $1.70
  • D. $O.80

23. Organization and entrepreneurship are vested in different persons in a

  • A. cooperative society
  • B. sole proprietorship
  • C. partnership
  • D. public company.

24. The public sector in a mixed economy is not always because of

  • A. bureaucratic practice
  • B. the desire to make huge change
  • C. annual planning of activities
  • D.the activities of shareholders

25.  Which function of the wholesaler enables him to stabilize prices? 

  • A. Warehousing goods
  • B. Advertising the goods
  • C. Granting credit to retailers
  • D. Transporting goods 

26. In the long run, as individuals receive higher wages, it causes

  • A. demand for food to decrease
  • B. demand for leisure to decrease
  • C. supply of normal goods to decrease
  • D. supply of labour to decrease

27. Labor productivity is defined as 

  • A. output per man-hour
  • B. average Output
  • C. the maximum number of hours Worked
  • D. total output of labour 

28. Which of the following problem has the least effect on agricultural productivity in West Africa?

  • A. Incidence of pests and diseases
  • B. Unfavourable weather conditions
  • C. Urban-rural migration
  • D. Illiteracy

29. The location of iron and steel industry at a place is due to 

  • A. easy access to raw materials
  • B. access to cheap labour
  • C. government policy
  • D. good infrastructure

30.  Import substitution as a strategy of industrialization is the 

  • A. replacement of locally produced goods with imported ones
  • B. development of locally produced goods with imported ones
  • C. establishment of firms to process imported raw materials
  • D. act of using local inputs to produce goods for export
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