Economics 2018 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.

1. Economics problem arise in all society because?

  • A. resources are mismanaged by leaders
  • B. there is no proper planning
  • C. resources are not in adequate supply
  • D. the services of economist are not employed

2. Which of the following is not emphasized in a production possibility curve

  • A. scarcity of resources
  • B. economic development
  • C. inefficiency in the use of resources
  • D. unemployment of labour

3. The organisation of productive factors is the reponsibility of the?

  • A. management
  • B. entrepreneur
  • C. production manager
  • D. labour union

4. Producers operating in a free market economy are more efficient as a resulf of?

  • A. the existence of competition
  • B. the very few number of participants
  • C. the commitment of the shareholders
  • D. government regulation of their activities

5. A downward sloping demand curve means that?

  • A. total revenue declines as price is lowered
  • B. demand falls as output rises
  • C. demand falls as output falls
  • D. price must be lowered to sell more

6. If the price of commodity X rises and consumers shift to commodity Y, then commodity X and Y are?

  • A. substitutes
  • B. complements
  • C. inferior goods
  • D. bought goods

7. Goods whose demand vary directly with money income are called?

  • A. inferior goods
  • B. complementary goods
  • C. substitutes
  • D. normal goods

8. An exceptional demand curve can result from?

  • A. increase in prices of raw materials
  • B. increase in the size of the population
  • C. expectation of future price increase
  • D. change in taste of the consumer

9. Palm oil and palm kernel are in?

  • A. joint supply
  • B. competitive demand
  • C. competitive supply
  • D. complementary demand

10. Which of the following is true about supply of land?

  • A. its higher in the urban than rural areas
  • B. varies with time
  • C. rises with demand
  • D. is fixed
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