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



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



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?

  • A. Internal trade
  • B. Multilateral trade
  • C. Dilateral trade
  • D. Trilateral trade



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
  • B. Business Men
  • C. Government
  • D. Foreigners

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