Economics JAMB, WAEC, NECO AND NABTEB Official Past Questions

 Explain the following National Income concepts:

(a) Gross Domestic Product (GDP; (4 marks)

(b) Gross National Product (GNP; (4 marks)

(c) Cost of living; (4 marks)

(d) Per Capital income; (4 marks) 

(e) Standard of living; (4 marks) 

(a) Who is a discriminating monopolist. (2 marks)

(b) Explain any four conditions necessary for a monopolist to practise price discrimination. (12 marks).

(c) Explain any two benefits enjoyed by a discriminating monopolist. (6 marks)

(a) Define:
(i) Building Society (2marks);
(ii) Central Bank. (3marks)

(b) Highlight any five instruments of the Central Bank in regulating the supply of money. (15marks).

(a) What is price elasticity of supply?(2marks)

(b) Differentiate between joint supply and cometitive supply.(6marks)

(c) Explain any four determinants of elasticity of supply. (12marks)

(a) What is:
(i) peasant farming? (2marks)
(ii) Co-operative farming?(3marks)

(b) Identify any five ways through which government can assist peasant farmers. (15 marks). 

(a) What is production possibility curve? (3marks)

(b) Draw a production possibility curve and indicate any:
(i) Point P, where resources are fully utilized;
(ii) Point U, where resources are under utilized;
(iii) Point X, where production is not feasible. (8 marks)

(c) Explain any two factors that can make production at Point X feasible. (6marks).

(d) Why is the production possibility curve negatively sloped? (3marks)

 The utility schedule of a consumer for a brand of ice cream is shown in the table below. Use the information to answer the questions that follow: 
 

(a) Calculate the values of P,Q,and S. (8 marks).

(b) Given that the jprice of ice cream is $ 1.00 per unit, at what level of consumption is the consumer in equilibrium? Explain your answer. (3 marks).

(c) Use a graph sheet, draw the marginal utility curve.(3 marks).

(d) State the law of diminishing marginal utility. (3 marks).

The following data shows the budget of hypothetical country in2006. Study data and answer the questions that follow: 
 

(a) How many revenue was realised from:
(i) direct taxes;(3 marks) ,(ii) indirect taxes (3 marks)

(b)Calculate the total:
(i) recurrent expenditure (3 marks) ,(ii) capital expenditure (3 marks)

(c) What pencentage of total revenue was collected as indirect taxe? (3 marks)

(d) State two examples of non-tax revenue (2 marks)

(e) What was the budget surplus or deficit? Explain your answer. (3 marks). 
 

Which of the following international organizations is concerned with the stabilization of the balance of payments? the

When a number of countries agree to remove all trade barriers among themselves and at the same time charge a common tariff against non member countries, it known as

One of the physical measures that can be used to reduce the volume of imports is the

When the international value of a country’s currency rises, other things being equal, the country’s

Balance of payment surplus implies that receipts for exports are

The rate at which a country’s export is exchanged for her imports is

The principle of comparative cost advantage was propounded by

Which of the following is not a major problem of development

Which is following is a cause of under-development in West Africa

Fiscal policy that can control inflation will include the use of

Indirect taxes are generally

The stock market is a market for

Which of the following financial institutions cannot be found on the capital market of a country