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.

11. Effective supply is the total amount of a commodity 

  • A. from a single producer
  • B. in the warehouse of producers
  • C. offered for sale at a market place
  • D. produced for the market

12. Price elasticity of supply can be influenced by the following factors except?

  • A. time period
  • B. cost of production
  • C. size of consumer income
  • D. nature of the product

13. Increase in the supply of a product can be caused by?

  • A. change and taste and fashion of consumers
  • B. increase in the income of consumers
  • C. a fall in the cost of production
  • D. increase in the price of a product

14. A rational consumer will purchase a product whose price is?

  • A. greater than his marginal utility
  • B. less than his marginal utility
  • C. equal to his marginal utility
  • D. equal to his total utility

15. A parallel markets are usually the results of 

  • A. excess supply
  • B. the activities of rich individuals
  • C. price legislation
  • D. inadequate information

16. Another term for equilibrium price is?

  • A. price floor
  • B. demand price
  • C. market clearing price
  • D. satisfactory price

17. When a firm is enjoying internal economies of scale, its?

  • A. total cost of production is increasing
  • B. average fixed cost is rising continuously
  • C. average cost of production decreases as output increases
  • D. average revenue and marginal revenue are decreasing

18. The specialization of labour enhances production because people?

  • A. can concentrate on all goods
  • B. can efficiently produce their own needs
  • C. can save time and produce more
  • D. become experts in all areas of production

19. Which of the following can be added to a firm’s profit to obtain total revenue

  • A. total variable cost
  • B. total fixed cost
  • C. marginal cost
  • D. total revenue

20. The amount of money that a firm recieves from the sales of its output is called

  • A. total profit
  • B. total revenue
  • C. total cost
  • D. average revenue
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