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Economics 2019 JAMB Past Questions

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36

Economics is a social science concerned with the proper use and______

  • A. production of goods and services
  • B. distribution of wealth
  • C. allocation of resources for growth
  • D. creation of utility
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37

The determination of price by bargaining between buyers and sellers is________

  • A. Sales by Auction
  • B. Tender
  • C. Higgling and Haggling
  • D. Price Control
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38

An economy system that uses what is regarded as the "Market mechanism" is called_______

  • A. Mixed economy
  • B. Socialism
  • C. Command economy
  • D. Capitalism
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39

The last link in the channel of distribution is____________

  • A. Producer
  • B. Retailer
  • C. Consumer
  • D. Wholesaler
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40

John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________

  • A. marginal physical productivity
  • B. marginal income productivity
  • C. consumer's surplus
  • D. economic rent
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts