Economics 2017 Past Questions | JAMB

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. Which of the following is not a function of the money market?

  • A. Provision of finance
  • B. enhance loan savings
  • C. creation of long term
  • D. Provision of finance

12. The population theory that is concerned with the cases of over population and shortage of food production is ______

  • A. population density
  • B. Malthusian population theory
  • C. national population theory
  • D. demographical transition theory

13. The basic aim of Economic Community of West African States is the

  • A. discouragement of trade among member states
  • B. encouragement of revolts against former colonial masters
  • C. establishment of its headquarters in each members state
  • D. liberalization of trade among member states

14. The production within domestic territory of a country is called the _____

  • A. net national product
  • B. gross domestic product
  • C. net income
  • D. disposable income

15. Excess supply over demand will place a price advantage on _____

  • A. government
  • B. foreign investors
  • C. suppliers
  • D. consumers

16. Given that ∑fx = 340 and N = 20, find the arithmetic mean.

  • A. 20
  • B. 17
  • C. 32
  • D. 9

17. One of the reasons why Nigeria is a mono-economy is because of her _______

  • A. huge volume of petroleum activities in the country
  • B. diversification system of economic activities
  • C. high demand for foreign commodities
  • D. high rate of unemployment

18. Given that the total production of Bandako farmers with one worker is 10kg. When the workers increased to 2, 3, and 4, the total production increases to 20, 36 and 60kg respectively.

Calculate the average product (AP) of the 4th unit of labour.

  • A. 20
  • B. 13
  • C. 15
  • D. 10

19. Which of the following is NOT an instrument in the money market?

  • A. Treasury bill
  • B. Bill of exchange
  • C. Stocks and shares
  • D. Call money fund

20. Given that Qd = 10 – 2p while Qs = 5 x 3P, if P = N 1 determine the equilibrium quantity

  • A. 7
  • B. 6
  • C. 5
  • D. 8
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