Economics 2021 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. The supply of mangoes is represented as P=0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50?

  • A. $1.50
  • B. $15.00
  • C. $150.03
  • D. $166.67

17. The output of an extra unit of an input is referred to as________

  • A. Output of the input.
  • B. Marginal product of the input
  • C. Average product of the input
  • D. Utility of the input employed

 

18. The law of diminishing returns is applicable to the__________

  • A. fixed inputs of production.
  • B. variable factors of production.
  • C. plants and machinery of the firm.
  • D. equipment and other capital.

A firm incurred the following costs in production. Use the information in the table to answer the question below.

Output
(bags of rice

0

10

20

30

40

50

60

Total Cost ($)

100

200

300

380

440

520

600

19. The fixed cost of production is___________

  • A. $I00.
  • B. $200.
  • C. $300.
  • D. $600

A firm incurred the following costs in production. Use the information in the table to answer the question below.

Output
(bags of rice

0

10

20

30

40

50

60

Total Cost ($)

100

200

300

380

440

520

600

20. The average cost of producing 40 bags of rice is_____

  • A. $10
  • B. $11
  • C. $60.
  • D. $80

21. The relationship between the marginal revenue (MR) and the average revenue(AR) of a monopolist is that the marginal revenue curve____ 

  • A. is above the average revenue curve
  • B. slopes down to the right and is below the AR curve.
  • C. and the AR curve are downward sloping and are identical.
  • D. is vertical while the average revenue curve is horizontal.

22. A major source of finance to the Railway Corporation in West African countries is_______

  • A. sale of shares
  • B. government subvention
  • C. trade credit
  • D. surplus

23. Separation of ownership of resources and their control is mostly found in a __________

  • A. sole proprietorship
  • B. partnership
  • C. joint stock company
  • D. consumer co-operative

 

24.  By passing the middlemen in the chain of distribution can lead to _________

  • A. a problem of unemployment of labour
  • B. the creation of artificial scarcity
  • C. high prices of goods and services
  • D. an increase in government tax revenue

25. Two factors which can improve the efficiency of labour are_________

  • A. population size and age of retirement
  • B. school leaving age and number of disabled workers
  • C. work environment and health status of workers
  • D. school leaving age and number of part-time workers

The age distribution of a country’s population is shown below. Use the information is answer the question below.

Age group (YEARS)

Population

0 – 15
16 – 40
41 – 60
Over 60

30%
45%
15%
10%

26. What is the percentage of the working population?

  • A. 75%
  • B. 60%
  • C. 45%
  • D. 15%

The age distribution of a country’s population is shown below. Use the information is answer the question below.

Age group (YEARS)

Population

0 – 15
16 – 40
41 – 60
Over 60

30%
45%
15%
10%

27. What is the dependency ratio?

  • A. 2:3
  • B. 3:2
  • C. 1:2
  • D. 6:1

28. The supply of land for agricultural purposes can be increased through _______

  • A. The introduction of mechanized farming
  • B. reclamation and irrigation
  • C. increase in prices of land
  • D. conversion of building sites to farmlands

29.  Non-economic factors that influence the location of firms include ________

  • A. the existence of required materials for production
  • B. availability of population of buyers
  • C. adequate supply of power, good road and rail network
  • D. the activities of politicians in deciding location of firms

30. Which of the following is not an argument for the policy of privatization in West Africa?

  • A. To make businesses more profitable
  • B. Government is able to participate and control the operation of the privatized businesses
  • C. Members of the public are able to acquire shares
  • D. It encourages the inflow of capital and expertise from local and foreign sources
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