Economics 2017 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.

1. Economics is regarded as a science because?

  • A. its issues can be easily verified by reference to facts
  • B. it adopts scientific methods in making its analysis
  • C. its issues are relevant for national development
  • D. its subject matter studies human behaviour

2. The opportunity cost of a worker going to the university  is

  • A. tuition, fees and books
  • B. boarding and lodging
  • C. the wages given up to attend the university
  • D. transportation and entertainment

3. Which of the following items is not an example of circulating capital

  • A. raw material
  • B. money
  • C. fuel
  • D. machinery

4. In a market economy, the problem of what goods to produced is solved primarily by

  • A. directives of the government
  • B. the pattern of consumers spending
  • C. producers of consumer goods
  • D. people producing what they want

5. If the weight of five puppies in kilograms are 3.5, 3.0, 4.2, 5.0 and 4.3, then mean weight of the puppies is?

  • A. 3.5 kg
  • B. 4.0 kg
  • C. 4.2 kg
  • D. 5.0 kg

6. If the coefficient of cross elasticity of demand for goods Y and Z is positive, the two goods are?

  • A. complements
  • B. substitutes
  • C. luxurious
  • D. inferior

7. The difference between demand and wants is in the

  • A. desire for the commodity
  • B. significance of the commodity
  • C. ability to pay for the commodity
  • D. economic value of the commodity

8. A demand curve parallel to the Y-axis indicates

  • A. fairly elastic demand
  • B. perfectly elastic demand
  • C. perfectly inelastic
  • D. fairly inelastic demand

9. Which of the following is an example of derived demand

  • A. textbook
  • B. labour
  • C. staple food
  • D. mobile phone

10. A rightward shift in the supply curve of a commodity is brought about by an increase in?

  • A. the level of technology
  • B. the price of the commodity
  • C. cost of production
  • D. taxation
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