Economics Past Questions And Answers
1671
The law of diminishing marginal utility states:
- A. The supply curve slopes downward
- B. Your utility grows at a slower and slower rate as you consume more and more unit of a good.
- C. The elasticity of demand is infinite
- D. None of the above
1672
(a) Define the term unemployment.
(b) Highlight the effects of unemployment on an economy.
View Discussion (0)WAEC 2003 THEORY1673
In a period of unemployment and falling prices, the government should adopt a
- A. zero-based budget
- B. budget deficit
- C. balanced budget
- D. surplus budget
1674
The supply curve of a locally-produced good may shift to the right if
- A. there is an increase in taxes on inputs
- B. government increases subsidies
- C. rural-urban migration is encouraged
- D. the price of the commodity increases
1675
Examples of joint stock banks are
- A. commercial banks
- B. co-operative credit societies
- C. central banks
- D. development banks
1676
if the coefficient of cross elasticity of demand for goods Y and Z is positive, the two goods are?
- A. complements
- B. substitutes
- C. luxurious
- D. inferior
1677
The market in which the operators are many and none of them can influence the price is
- A. stock exchange market
- B. imperfect market
- C. perfect market
- D. exchange market
1678
Effective demand in economics means
- A. the desire for a commodity
- B. a proposal to purchase a good on credit
- C. the desire for a commodity or service backed by purchasing power
- D. an irrevocable instruction to the seller to meet up the need of the buyers
1679
The difference between the money cost and the real cost of any item is that
- A. real cost is the alternative forgone while the money cost is the actual amount paid for buying the item
- B. the real cost is the opportunity cost, while the money cost is the marginal cost
- C. money cost is the opportunity cost, while the real cost is the actual cost in monetary terms
- D. money cost is always greater than the real cost
1680
The investment expenditure of an economy changes by N2 million and MPC is 0.75 What is the change in income?
- A. N0.5m
- B. N1.5m
- C. N2.6m
- D. N8.0m