Economics Past Questions And Answers
Trade protection will assit economic growth in developing countries if it can
- A. allow the importation of cheaper goods people want
- B. effectively safeguard newly established firms
- C. eliminate importation of all commodities
- D. generate enough revenue through export duties
Who among the following will benefit from inflation?
- A. pensioners
- B. savers
- C. debtors
- D. creditors
Dumping is selling goods in a foreign market at a price
- A. below what is sold at the home market
- B. above what is sold at the home market.
- C. equal to what is sold at the home market
- D. equal to the cost of producing the goods
One of the advantages of large scale production is that
- A. there is a rise in the cost of administration
- B. consumers sacrtifice their indidvidual tatstes
- C. the firm can use labour-saving machinery
- D. the demand for a firm's product becomes localized
Use the schedule to answer the follow-ing questions:
| Price per annum | Quantity Demanded | Quantity Supplied per week |
| 5 | 500 | 60 |
| 6 | 400 | 150 |
| 7 | 300 | 300 |
| 8 | 250 | 400 |
| 9 | 150 | 500 |
| 10 | 50 | 600 |
(a) At what price and quantity does the market attain equilibrium and why?
(b) At what prices does the market exhibit excess demand and by how many units?
(c) At what prices does the market exhibit excess supply and by how many units?
(d) At what price will the supplier be willing to sell most? What quantity will he be willing to sell at that
View Discussion (0)WAEC 1995 THEORYThe most important determinant for the location of a brick industry is the availability of
- A. market
- B. power supply
- C. water
- D. raw materials
one of the function of a commercial bank is that it
- A. is responsible for formulating monetary policies
- B. accepts demand and time deposits from customers
- C. is the lender of the last resort
- D. is the banker of the government
When a kilogram of carrot is #8.00, 20 kilograms are demanded and when the price decreased to #6.000 per kilogram, 30 kilograms are demanded. The elasticity of demand equals to
- A. 11
- B. 12
- C. 1/2
- D. 2
An example of a long-run cost of a firm is
- A. fuel and maintenace cost
- B. the planned size of plant equipment
- C. the existing size of plant and equipment
- D. rent on buildings
the foregone alternative in Economics is simply the
- A. marginal cost
- B. cost of foreign products
- C. total cost
- D. opportunity cost