Economics Past Questions And Answers
Political instability hinders economic growth because it
- A. scares many people from politics
- B. prevent politicians from playing effective politics
- C. discourage entrepreneurs generally
- D. encourages urban-rural migration
Economic problems arises because
- A. resource are scarce relative to wants
- B. man is insatiable
- C. money is scarce
- D. man engages in too many economic activities
which of the following determines the size of a country's population ? (I) Birth rate (II) Death rate (III) Migration rate (IV) Importation rate (V) Unemployment rate
- A. (I), (II) and (V)
- B. (II) and (IV)
- C. (I),(II) and (III)
- D. (IV) and (V)
If a country imposes a barrier on trade, the resultant effect will be _________
- A. a halt in buying and selling
- B. high quality goods from local industries
- C. an increase in the demand for locally produced goods
- D. shutdown of infant industries
Use the table to answer the following questions:
| Quantity of yams(kg) | Total Revenue (TR) | Marginal Revenue (MR) | Total Cost (TC) | Marginal Cost (MC) |
| N | N | N | N | |
| 0 | 0 | - | 5 | - |
| 1 | 9 | 9 | 8 | 3 |
| 2 | 18 | 9 | 6 | T |
| 3 | 24 | 6 | 21 | 5 |
| 4 | 28 | Q | 25 | 4 |
| 5 | 30 | 2 | 25 | U |
| 6 | P | 1 | 25 | 0 |
| 7 | 28 | -3 | S | 1 |
| 8 | 24 | R | 24 | -2 |
(a) Complete the table by calculating the missing figures P,Q,R,S,T,U.
(b)At what out-put is profit maximized?
(c) Calculate the profit when quantity sold is 5.
(d) At what output does MC begin to rise?
View Discussion (0)WAEC 1997 THEORYThe diagram below represent
- A. perfect competition
- B. monopoly
- C. demand curve
- D. competitive market
Which of the following reasons could induce a manufacturer to bypass the wholesaler in the distribution chain?
- A. To provide the quantity needed by retailers
- B. To collect useful information on his product
- C. To provide warehousing facilities
- D. To violate government regulation on distribution
one of the instruments of protection of infants industries is the
- A. price control board
- B. open market operation
- C. tarrif
- D. GDP-deflator
A major determinant of floating exchange rate is
- A. the highest denomination of the currency
- B. an Act of the parliament
- C. the system of government
- D. the forest of demand and supply
Deflation can be controlled by increase in
- A. the bank rate
- B. income tax
- C. the price level
- D. the budget deficit