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.

31. Which of the following is NOT illustrated by the production possibility curve

  • A. Risk
  • B. Scarcity
  • C. Opportunity cost
  • D. Allocative efficiency

32. Which of the following statement is TRUE about ECOWAS?

  • A. The aim of ECOWAS is to ensure economic stability
  • B. Bigger state in the community dominate the small state
  • C. Members of the ECOWAS community can form cartel and create monopolies
  • D. English is the only official language of ECOWAS

33.  The equilibrium price clears the market; it is the price at which___________

  • A. Everything is sold
  • B. Buyers spend all their money
  • C. Excess demand is zero
  • D. None of the above

34. 19663420439 111

The graph above shows;
  • A. a decrease in quantity supplied
  • B. an increase in supply
  • C. a decrease in supply
  • D. an increase in quantity

35. Goods sold in perfectly competitive markets are generally

  • A. homogenous
  • B. intermediate and final
  • C. durable and non-durable
  • D. heterogeneous

36. Cost – push inflation occurs when_______

  • A. production cost is high
  • B. government embarks on deficits financing
  • C. factors decrease
  • D. there is too much in circulation

37. The basic principle of cooperative societies is to ________

  • A. maintain the integrity of their members
  • B. protect the interest and pursue the welfare of members
  • C. ensure better working conditions for members
  • D. provide voluntary services to the members

38.13613140431 17 01

From the table above, the average product of the 3rd unit of labour is
  • A. 50
  • B. 70
  • C. 350
  • D. 150

39. Which of the following institutions does not operate in the money market?

  • A. central bank
  • B. mortgage banks
  • C. money deposit banks
  • D. insurance companies

40. Other products gotten from Petroleum include the following EXCEPT:

  • A. Rubber
  • B. fuel
  • C. paints
  • D. insecticides
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