Economics Past Questions And Answers
A fall in national output will necessitate
- A. a rise in expenditure on imports
- B. a rise in the level of savings
- C. an increase in the consumption of expenditure
- D. a rise in the standard of living
The interest charged on loans is determined by the __________?
- A. Exchange rate
- B. Fiscal policy
- C. Risk associated with the loan
- D. Rate of production in the country
The Power Holding Company of Nigeria (PHCN) is a ________
- A. Public limited company
- B. Private authority
- C. Public Corporation
- D. Public Liability company
(a) Define price elasticity of demand
(b) Distinguish between elastic demand and Inelastic demand
(C) Using diagrams. explain what happens to a traders total revenue demand for his product is:
(i) elastic
(ii) inelastic
View Discussion (0)WAEC 2021 THEORYThe marginal propensity to consume is
- A. Options A, B and C
- B. ΔC/ΔY
- C. The slope of the consumption function
- D. Coefficient c in the equation C = C + cYd
The shape of the long-run average cost curve is best explained by the
- A. law of diminishing returns
- B. law of returns to scale
- C. cost of fixed inputs
- D. cost of variable inputs
The system whereby goods are exchanged for goods is known as
- A. stock exchange
- B. barter system
- C. banking
- D. co-operative system
if the weight of five puppies in kilograms are 3.5, 3.0, 4.2, 5.0 and 4.3, then mean weight of the puppies is?
- A. 3.5 kg
- B. 4.0 kg
- C. 4.2 kg
- D. 5.0 kg
When two variables are positively related, the graph of the relationship?
- A. is a downward-sloping curve
- B. has a negative intercept
- C. is a straight line
- D. is an upward-sloping curve
Agricultural backward-linkage effect means the establishment of
- A. subsidiary industries to increase the number of industries
- B. main industries to increase output
- C. industries to reduce imports
- D. subsidiary industries to feed the main industry