Economics Past Questions And Answers
1021
Under perfect competition, the short-run supply curve of a firm is determined by its
- A. total cost curve
- B. marginal cost curve
- C. average fixed cost curve
- D. average cost curve
1022
Money as a unit of account implies that it can be
- A. counted in units
- B. use to facilitate exchange
- C. used to measure the value of goods and services
- D. used to store goods and services
1023
A firm incurs short-run costs when
- A. It cannot increase prices
- B. Operation is at its later stages
- C. Operation is at its early stages
- D. Some inputs cannot be varied
1024
which of the following is trueof the monopolist
- A. his average revenue curve is horizontal
- B. He determines both price and output
- C. his demand and marginal revenue curve are the same
- D. he determines either price or output
1025
How does the Central Bank exercise control over commercial banks?
View Discussion (0)WAEC 1993 THEORY1026
which of the following function of money makes it possible for any person to provide for old age?
- A. medium of exchange
- B. stores of value
- C. measures of value
- D. unit of account
1027
Provision of short-term loans to solve balance of payments problems is done by the
- A. International Finance Corporation
- B. International Monetary Fund
- C. Iternational Bank for Reconstruction and Development
- D. African Development Bank
1028
During Inflation, interest rate will
- A. rise
- B. fluctuate
- C. remain constant
- D. fall
1029
The shaded triangle in the diagram below is known as
- A. excess supply
- B. consumer surplus
- C. excess consumption
- D. producer surplus
1030
The act of selling goods in foreign markets at prices below those charged at home market is called
- A. exchange
- B. specialization
- C. dumping
- D. exporting