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.

11. The backward bending supply curve of labour indicates?

  • A. an abnormal supply situation
  • B. the law of supply
  • C. that labour supply and wage are directly related
  • D. that the elasticity of supply is uniform

12. A supply curve parallel to the X- axis indicates?

  • A. fairly elastic supply
  • B. infinitely elastic supply
  • C. fairly inelastic supply
  • D. perfectly inelastic

13. If the marginal utility of a commodity is equal to its price then

  • A. the consumer is in equilibrium
  • B. more of the commodity can be consumed
  • C. total utility is also equal to its price
  • D. the market is not in equilibrium

14. A price floor is usually fixed 

  • A. at the equilibrium and causes shortage
  • B. above the equilibrium and causes shortage
  • C. below the equilibrium and causes shortage
  • D. above the equilibrium and causes surplus

15. A market is in equilibrium when?

  • A. there is no government intervention
  • B. the demand is the same as the supply
  • C. buyers and sellers are free to sell more goods
  • D. there is no free entry and exit

16. A firm average cost decreases in the longrun because?

  • A. increasing returns to scale
  • B. diminishing average returns
  • C. decreasing marginal returns
  • D. decreasing average fixed cost

17. The larger a firm, the lower its cost of production

this statement explains the?

  • A. law of diminishing marginal returns
  • B. concept of economies of scale
  • C. law of comparative cost advantage
  • D. theory of division of labour

18. In the the longrun, a firm must shut down if its average revenue is?

  • A. greater than average cost
  • B. less than average variable cost
  • C. equal to the minimum average cost
  • D. equal to the average cost

19. Public limited liability companies are democratic in nature because?

  • A. government appointees are members of the board
  • B. they are run by elected public officers
  • C. electoral principles are adopted in the day-to-day management
  • D. shareholders elect the board of directors

20. In the event of bankruptcy owners of joint-stock companies lose?

  • A. their private properties
  • B. both company and private properties
  • C. only the capital invested
  • D. only their dividends
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