Economics Past Questions And Answers
Calculate the average product from the table below when the 2nd labour was employed 12.5
- A. 12.5
- B. 12
- C. 15
- D. 10
In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is?
- A. N5,200
- B. N 4,760
- C. N4,670
- D. N2,080
Price discrimination can only occur when there is
- A. perfect competition
- B. imperfect competition
- C. a merge
- D. partnership
The land tenure system in Nigeria impedes agricultural production because?
- A. land fragmentation makes possible easy access to land ownership
- B. it discourages specialization of factors of production
- C. it limits opportunity for mass production of agricultral goods
- D. small land holders generally do not get enough fertilizer to use
The problem of scarcity is reduced by
- A. controlling consumption of goods and services
- B. producing everything needed by the consumers
- C. ensuring efficient allocation of resources
- D. restricting consumer choice and tatste
------------- is NOT the cause of balance of payments (BOP) deficits in Nigeria
- A. Poor performance of non-oil sector
- B. Export promotion
- C. No import substitution strategies
- D. High servicing of debt
(a) Stale three characteristics of perfect competition,
(b) With the aid of diagrams, explain equilibrium positions of a perfectly competitive firm in the: (i) short-run: (ii) long-run
View Discussion (0)WAEC 2021 THEORYA cheque book is issued to customers of a bank operating a
- A. savings account
- B. time deposit account
- C. current account
- D. fixed deposit account
The GDP of Nigeria will be greater than her GNP if?
- A. the value of goods and services to Nigeria is greater than the value of those from Nigeria
- B. consumption is greater than investment
- C. government expenditures are greater than the foreign aid received D. the value of goods and services produced by Nigeria businesses abroad is greater than that of foreign businesses in Nigeria
- D. the value of goods and services produced by Nigeria businesses abroad is greater than that of foreign businesses in Nigeria
The Economic Commission for Africa was set up by the?
- A. UNO
- B. ECOWAS
- C. OAU
- D. IMF