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.

21. Wholesalers play an important role in the distribution of goods and services because they?

  • A. are located very close to consumers
  • B. finance both producers and retailers
  • C. pass information on from retailers to consumers
  • D. sell in small units to consumers

22. If workers at the school canteen sell during the holidays, this is an example of?

  • A. structural unemployment
  • B. frictional unemployment
  • C. seasonal unemployment
  • D. residual unemployment

23. Positive checks as envisaged by Thamos Malthus can be prevented if

  • A. date rate is reduced
  • B. marriage is abolished
  • C. more hospitals are built
  • D. more restraint is adopted

24. Which of the following factors is not a reason for farmer’s unstable incomes

  • A. dependence on too many crops
  • B. poor storage facilities
  • C. adverse weather condition
  • D. recession in the world economy

25. Local firms can help in reducing unemployment in a country when?

  • A. land acquisition becomes centralized
  • B. imports of substitutes are reduced
  • C. waste in the firm is eliminated
  • D. subsidies to firms are decreased

26. An industry is described as a group of firms

  • A. that provides jobs for many people
  • B. which uses advance technology in production
  • C. which produces similar products
  • D. that provides jobs for few people

27. The largest component of national income in developing countries consist of?

  • A. profits
  • B. profit and rent
  • C. rent
  • D. wages and salaries

28. A baker bought flour and other ingredients for $250.00, spent $52.00 on distribution, sold the bread for $320.00. the value added by the baker is?

  • A. $302.00
  • B. $52.00
  • C. $18.00
  • D. $622.00

29. In a country with large population of full-time house  

  • A. will be composed of goods produced by women
  • B. figures will be grossly over-stated
  • C. statistics will be difficult to calculate
  • D. figures will be grossly under-stated

30. In a country with large population of full-time housewives, national income 

  • A. will be composed of goods produced by women
  • B. figures will be grossly over-stated
  • C. statistics will be difficult to calculate
  • D. figures will be grossly under-stated
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