Economics JAMB, WAEC, NECO AND NABTEB Official Past Questions

a. What is an embargo?

b. Outline any **three* reasons for imposing tariffs on imports

c. Explain any three reasons against the use of tariffs

a. Define Gross Domestic Product (GDP)

b. Describe the output approach as a method of computing national income

c. Identify any three problems associated with the expenditure approach of calculating national income

a. Define location of industry

b. Explain how the following factors influence where a firm is sited:

i. raw materials

ii. market

iii. government policy

c. Outline three advantages of localization of industry

a. Differentiate between a sole proprietorship and a partnership

b. List four characteristics of a sole proprietorship

c. Outline four advantages of a public limited liability company.

a. Define economic system

b. Distinguish between a capitalist economy and a socialist economy under the following:

i. aim of production

ii. consumer sovereignty

iii. competition

c. State three features of land as a factor of production

a.

i. Distinguish between:
money cost and opportunity cost

ii. Distinguish between:
normal good and inferior goods

b. 

i. Explain how the scale of preference assists the following economic groups in making efficient allocation of their resources:

individuals

ii. Explain how the scale of preference assists the following economic groups in making efficient allocation of their resources:
firms

iii. Explain how the scale of preference assists the following economic groups in making efficient allocation of their resources:
government

a.

i. Table 1 below represents the output levels of a firm producing hand sanitizer. Use the information to answer the questions that follow.

Table 1

If the cost function of the firm is given as C = 30 + 4q, where C is the total cost and q is the units produced, calculate the:

total cost in dollars of producing:

18 units

ii. Table 1 below represents the output levels of a firm producing hand sanitizer. Use the information to answer the questions that follow.

Table 1

If the cost function of the firm is given as C = 30 + 4q, where C is the total cost and q is the units produced, calculate the:

total cost in dollars of producing:
36 units

b. 

i. Average costs in dollars of producing:
28 units

ii. Average costs in dollars of producing:
45 units

c. What is the marginal cost in dollars of producing 28 units?

d. Determine the profit made from producing 45 units when the market price is fixed at $5.00 per unit.

e. Determine the fixed cost of the firm. Explain your answer.

a. The equilibrium position of a firm is illustrated in the diagram above. Study the diagram and answer the questions that follows:
i. equilibrium output level

ii. equilibrium price

b. At equilibrium output level, calculate the firm’s

i. total cost

ii. total revenue

iii. total profit

c. At equilibrium output level, calculate the firm’s
Is the firm operating is the long-run or short-run? Explain your answer.

d. At equilibrium output level, calculate the firm’s

i. What type of market is the firm operating in?

ii. List three features of the market type identified in d(i)

Which of the following is not a problem facing Economic Community of West African States (ECOWAS)?

A joint stock company enjoys perpetual existence because

A country is described as developing if

Trade protection will assit economic growth in developing countries if it can

Tariffs, quotas and embargoes are examples of

The marks obtained by 9 students in a class test are recorded below: 9, 8, 7, 5,7, 6, 8, 9 and 7. What is the median mark?

When more of tax on a product is borne by the buyer than the seller, the commodity involved has

The fixing of maximum prices by government is mainly on

Petrol and Kerosene are jointly obtained from crude oil. If the supply of petrol increases, the

The most liquid asset among the following is

The average revenue curve of a firm in a perfect market is the same as the

Taxes levied on goods and services by government are called

Many workers are employed in the agricultural sector of developing countries because