# 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 – 1516 – 4041 – 60Over 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 – 1516 – 4041 – 60Over 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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