Economics Past Questions And Answers
A large firm may experience diseconomies of scale if there is
- A. difficulty in coordinating decisions
- B. division of labor in production
- C. employment of more specialist
- D. decrease in the cost of production
Which one of the following measures the natural growth rate of population?
- A. Natural increase - Birth rate + Net migration
- B. Birth rate - Death rate
- C. Birth rate/Death rate
- D. Birth + Net migration = Death
In a free market economy, resources are allocated through the
- A. government department
- B. price mechanisms
- C. trade union
- D. state planning committee
(a) Outline the main features of the Malthusian theory on population.
(b) Explain the developments that render the theory irrelevant to the present day situation.
View Discussion (0)WAEC 1994 THEORYThe world market for crude oil refers to the
- A. total supply by OPEC members
- B. total demand for and supply of crude oil
- C. excess crude oil produced in the world
- D. difference between the supply of and demand for oil
If a firm doubles all inputs in the long run and the total output is less than doubled, this results in
- A. diminishing returns
- B. constant returns to scale
- C. increasing returns to scale
- D. decreasing returns to scale
when all factor inputs are doubled , the production possibly curve will
- A. shift from left to right and return to its orignal position
- B. shift from left to right
- C. remain in its former position
- D. shift from right to left
The price system refers to the system by which
- A. the government controls price in the economic system
- B. prices tends to rise to a general level
- C. price allocates resources between consumer and producer goods
- D. government allocate resources to consumers and producers
Development plans have not been successful in some developing countries largely because of?
- A. very large working population
- B. increase level of consumption
- C. scarcity of industrial raw materials
- D. shortage of skilled labour and experts
The theory of _____ was propounded by ____
- A. Comparative advantage; Mercantilists
- B. Absolute advantage; Adam Smith
- C. Comparative advantage; Adam Smith
- D. Absolute advantage; David Ricardo