Economics Past Questions And Answers
At the consumer equilibrium, the slope of the indifference curve is?
- A. half the slope of the budget constraint line
- B. equal to the slope of the budget constraint line
- C. greater than the slope of the budget constraint line
- D. less than the slope of the budget constraint line
The downward sloping part of the long-run average cost curve of a firm may be attributable to?
- A. diminishing returns
- B. the law of variable proportions
- C. diseconomies of scale
- D. increasing returns to scale
Being a member of the OPEC, Nigeria is in a favorable position to?
- A. export her crude oil
- B. control world crude oil prices
- C. reap the benefit of a cartel
- D. borrow money from members
When a country's population is experiencing increase returns, that country is said to be?
- A. overpopulated
- B. economically poor
- C. over-producing goods and services
- D. underpopulated
The factor of production that has the highest degree of mobility is__________?
- A. entrepreneurship
- B. land
- C. labour
- D. capital
The use of government income and expenditure instrument to regulate the economy is termed______
- A. monetary policy
- B. physical policy
- C. fiscal policy
- D. public finance
Economic growth is different from economic development because economic growth
- A. describes expansion and changes
- B. is measurable but not objective
- C. describes expansion and not change
- D. is not measurable but objective
(a) What is centrally planned economy?
(b) Outline any four features of a capitalist economy.
View Discussion (0)WAEC 2011 THEORYPublic limited liability companies are owned by__________?
- A. The federal government
- B. Private and individual organizations
- C. The state government
- D. The federal and state governments
If goods P and Q are purchased by a consumer, a fall in the price P with the price Q unchanged will cause the budget line to
- A. shift parallel inwards
- B. rotate outwards away from the origin
- C. rotate inwards towards the origin.
- D. shift parallel outwards