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.

21. Which of the following is true of the monopolist

  • A. his average revenue curve is horizontal
  • B. He determines both price and output
  • C. his demand and marginal revenue curve are the same
  • D. he determines either price or output

22. Equity shares form the bulk of the capital of a?

  • A. private firm
  • B. public company
  • C. statutory company
  • D. limited partnership

23. If a state owned firm is sold through the stock market, the organisation becomes?

  • A. partnership
  • B. private company
  • C. public limited company
  • D. public corporation

24. The total number of people of working age who are willing and prepared to work at a given wage rate is the 

  • A. labour force
  • B. supply of labour
  • C. demand of labour
  • D. occupational demand for labour

25. A civil engineer who accepts to teach elementary science in a primary school because he cannot get a paid engineering job is an example of?

  • A. structural unemployment
  • B. disguised unemployment
  • C. residual unemployment
  • D. frictional unemployment

26. Which of the following is an implication  of a large population

  • A. decrease in crime rate
  • B. increase in food supply
  • C. decrease in standard of living
  • D. decrease in cost of living

27. An industry whose product loses considerable weight after processing must be sited close to?

  • A. a ready market
  • B. power station
  • C. the source of finance
  • D. the raw material

28. The system of agriculture which involves the cultivation of crops and rearing of animals for family consumption only is termed?

  • A. peasant farming
  • B. plantation agriculture
  • C. commercial farming
  • D. subsistent farming

29. Which of the following is a threat to the existence of middlemen

  • A. consumers cooperative society
  • B. producers cooperative society
  • C. sales agents
  • D. large scale producers

30. In an industrial area, the location of industries is particularly influenced by ?

  • A. extent of the division of labour
  • B. external economies
  • C. internal economies
  • D. nearness to financial institution
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