Economics Past Questions And Answers
A condition in which official and autonomous exchange rate coexist is
- A. dual exchange rate system
- B. managed floating rate system
- C. market determined exchange rate system
- D. multiple exchange rate system
A major source of finance to the Railway Corporation in West African countries is_______
- A. sale of shares
- B. government subvention
- C. trade credit
- D. surplus
Development plans fail in Nigeria mainly because of
- A. Corruption and political instability
- B. Over-dependence on foreign aid
- C. High cost of plan implementation
- D. Shortage of personnel
The most important cost curve for the firm is_________
- A. MC
- B. AC
- C. TC
- D. FC
Factory buildings, machinery and raw materials are known in Economics as
- A. personal wealth
- B. social wealth
- C. government wealth
- D. business wealth
In order to calculate total utility (TU) from given levels of marginal utility (MU), one has to?
- A. subtract MU from TU
- B. Add MU from the various levels
- C. multiply MU by the initial TU
- D. Divide current MU by previous MU
Which of the following is an example of direct tax?
- A. import duties
- B. income tax
- C. export duties
- D. purchase tax
The market for apples is represented by the following demand and supply functions:
Qd = 30 - p;
Qs = 15 + 2p.
(a) Prepare a demand and supply schedule for the market, given the prices $2.00, $4.00 and $7.00.
(b) (i) Determine the equilibrium price and equilibrium quantity of apples in the market.
(ii) If the price of apple is fixed at $3.00, what will be the excess demand or excess supply.
(c) Suppose the demand function changed to Qd = 40 - p. Using the prices in (a) above:
(i) prepare a new demand schedule;
(ii) does it represent an increase or a decrease in demand?
(iii) explain your answer in (c) (ii) above.
View Discussion (0)WAEC 2017 THEORYTrade between two countries is known as
- A. bilateral trade
- B. bilateria trade
- C. multilateral trade
- D. internal trade
price elasticity of supply can be influenced by the following factors except?
- A. time period
- B. cost of production
- C. size of consumer income
- D. nature of the product