# Economics 2018 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.

41. The reduction in the value of a country’s currency in relation to the value of the currencies of other nation is known as____________

• A. Deflation
• B. Inflation
• C. Devaluation
• D. Revaluation

42.

 X 8 10 12 16 18 20 24 F 2 1 4 3 3 1 6

From the table, Calculate the median___________

• A. 24.0
• B. 17.0
• C. 18
• D. 16

43.  The expression of cost in terms of alternative forgone is referred to as ____?

• A. Scarce resources
• B. Decision making
• C. Opportunity cost
• D. Choice

44.  The full meaning of NAPEP is?

• A. National Poverty Eradication Programme
• B. National Agency for Poverty and Education Program
• C. National Air Pollution and Environmental Purification
• D. None of the above

45.  Taxes and government expenditures are instruments of____________

• A. Monetary policy
• B. Tax policy
• C. Economic policy
• D. Fiscal policy

46.  As a factor of production, the reward for land is?

• A. Profit
• B. Interest
• C. Rent
• D. Wage

47.

The diagram below represents a production function. At which of the points does diminishing returns set in__________

• A. R
• B. S
• C. T
• D. V

48.  The two major types of international trade are Bilateral trade and?

49.

A country’s budget allocation to various sectors of the economy is shown in the pie chart .

If the budget of the country was $7,200.00, how much is allocated to education? • A.$2,400.00
• B. $2,000.00 • C.$1,200.00
• D. \$1,000.00

50. In a capitalist economy, factors of production are owned and controlled by the _____?

• A. Citizen
• C. Government
• D. Foreigners