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.

21. A country’s terms of trade can be improved by ____?

  • A. collective bargaining
  • B. imposing lower export duties
  • C. revelation of currency
  • D. reducing demand for imported goods

22. Changing the structure of a commodity in order to increase its utility is called?

  • A. Time utility
  • B. form utility
  • C. marginal utility
  • D. place utility

23. Which of the following is not an indicator of economic growth?

  • A. CPI
  • B. PPI
  • C. GDP
  • D. High Level of Unemployment

24. One of the unique features that distinguishes the perfect and imperfect market condition is _________

  • A. profit motive principles
  • B. absence of price control board
  • C. price determines production and distribution
  • D. number of sellers and buyers

25. In economics, the “how” or input question refers to:

  • A. The problem of allocating scarce resources among competing uses
  • B. The way in which factors of production may be combined to produce output
  • C. The way in which a firm decides on its profit maximising rate of output
  • D. The problem of how output is distributed among individuals and groups in society.

26. The modal value of 3, 8, 4, 6, 3, 5, 2, 7, 3 and 5 is

  • A. 6
  • B. 3
  • C. 4
  • D. 5

27. One of the major causes of farmers’ unstable income in Nigeria is _________

  • A. the effect of diseases and pests
  • B. industrial pollution
  • C. mining and extraction activities
  • D. population growth

28. Which of the following source of income is spectacular only to Government ?

  • A. Payment from business transfer
  • B. Bonuses
  • C. Tax
  • D. Wages

29. When the government fix the price of essential commodities, this is referred to as:

  • A. Price equilibrium
  • B. Price control
  • C. Demanded price
  • D. Asking price

30. One of the functions of the price system is that it

  • A. encourages high volume of production
  • B. dictates what the citizens will consume
  • C. discourages the consumption of harmful goods
  • D. regulates production and consumption
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