# 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

• 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
• 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.

 quantity total cost 0 20 1 25 2 28 3 30 4 38 5 55 6 92 7 135

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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