Economics JAMB, WAEC, NECO AND NABTEB Official Past Questions

(a) Outline any four problems of barter economy.

(b) How has the introduction of money solved the problems outlined in 12(a) above? 

(a) Distinguish between cash ratio and special deposits.

(b) Explain how cash ratio and special deposits are used as instruments of monetary policy.

(c) Describe any two instruments of fiscal policy in West Africa. 

(a) What is perfect competition?

(b) With the aid of diagrams, compare the short run equilibrium positions of a perfect competitor and an imperfect competitor.

(c) State any two features of an imperfect market.

(a) Highlight the difference between creeping inflation and hyper inflation.

(b) List any four negative effects of inflation.

(c) Outline four ways in which the government of your country can control inflation. 

(a) State two characteristics of monopolistic competition.

(b) With the aid of diagram(s), explain why a firm in monopolistic competition is unable to earn abnormal profits in the long run.

(c) Differentiate between natural monopoly and legal monopoly.

(a) What is competitive supply?

(b) With the aid of illustrations, differentiate between a supply schedule and a supply curve.

(c) Explain how the supply of a commodity is affected by the following:
(i) an improvement in technology;
(ii) a rise in input prices;
(iii) a rise in the prices of other commodities;
(iv) an increase in government subsidies on production.

(a) Differentiate between direct and indirect taxation

(b) Highlight any five advantages of indirect taxation to developing countries

(a) Explain any four benefits of industrial development in an economy

(b) Outline any four measures that will encourage industrial growth in your country.

(a) Distinguish between small scale prodution and large scale production

(b) Describe any five internal economies of large scale production.

(a) What is:
(i) peasant farming? 
(ii) commercial farming?

(b) Describe five ways in which agriculture contributes to the economic development of your country.

The table below shows the scale of preference of a student – Mr Smith whose disposable income is $7.00. Use the information in the table to answer the auestoins that follow. 
 

(a)(i) What will Mr. Smith spend his money on?
(ii) Explain your answer in 2(a)(i).

(b)(i) What is the opportunity cost of Mr. Smith’s decision in 2(b)(i)?
(ii) Explain your answer in 2(b)(i).

(c)(i) If Mr. Smith’s disposable income increases to $10.0, what will he spend it on?
(ii) What is the opportunity cost of the decision in 2(c)(i)?

(d) Define “scale of preference” and “opportunity cost”.

(e) What is the importance of a scale of preference?

The output and cost of production of rice (in bags) are presented in the table below. Use the information in the table to answer the questions that follow. 
 

(a) Calculate the
(i) Average Fixed Cost (AFC) at output levels 0,2 and 4
(ii) Marginal Cost (MC) at all levels of output

(b) If the price of a bag of rice were $10,
(i) calculate the profit/loss at all levels of output.
(ii) at what output level(s) is the maximum profit made?

(c) Draw the marginal cost curve (the use of graph sheet is essential). 

Which of the following can be used to calculate the price elasticity of demand?

The International Bank for Reconstruction and Development (IBRD) is important to developing nations because it

Points outside a production possibility curve indicate

Gold, diamond, iron ore and limestone are collectively referred to as

Which of the following items is not included in measuring national income by the income approach?

The main advantage of large scale production is that

Given that Qd = 80 – 2p where Qd is quantity demanded and P is the price, what quantity would be demanded when the price (P) is $3?

Which of the following controls a limited liability company?

The following are advantages of sole proprietorship except