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.

41. Nations engage in international trade because of difference in?

  • A. absolute cost
  • B. comparative cost
  • C. fixed cost
  • D. variable cost

42. One advantage of international trade is that

  • A. prices of goods become stable
  • B. countries become self-sufficient
  • C. goods consumed are produced at a very high cost
  • D. it makes possible the consumption of variety of goods

43. Which of the following forms of economic integration is a member nation free to impose duty against

  • A. custom union
  • B. free trade area
  • C. common market
  • D. economic community

44. The International bank for reconstruction and development (IBRD) performs the following functions except?

  • A. granting long-term loans
  • B. assisting with technical expertise
  • C. reducing tariff among members
  • D. developing human resource

45. An electrical engineer who is teaching physics in a secondary school is said to be 

  • A. under-employed
  • B. unemployed
  • C. fully employed
  • D. technically unemployed

46. One benefit a country can derive from the extraction of crude oil is increase in?

  • A. population
  • B. employment
  • C. money
  • D. demand for imports

47. Which of the following cannot be classified as a natural resource

  • A. iron rod
  • B. wild life
  • C. solar energy
  • D. gold

48.

quantitytotal cost
020
125
228
330
438
555
692
7135

Use the table to answer the following questions

the total fixed cost is?

  • A. $7.00
  • B. $30.00
  • C. $20.00
  • D. $135.00

49. At output level 5, the total variable cost is?

  • A. $5.00
  • B. $20,00
  • C. $55.00
  • D. $35.00

50. Gross national expenditure at factor cost is_________

  • A. ₤ 88,000m
  • B. ₤ 82,000m
  • C. ₤ 74,000m
  • D. ₤ 72,000m
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