Economics Past Questions And Answers
By advertising, a monopolistic competitive firm tries to shift its
- A. supply curve to the right
- B. demand curve to the right
- C. supply curve to the left
- D. demand curve to the left
A situation in which an increase in demand for certain goods leads to a fall in demand for other goods is known as
- A. joint supply
- B. derived demand
- C. competitive demand
- D. competitive supply
If the fixed cost of a firm is 800.00 Naira and it's variable cost is 2,700 Naira while it's total output is 100 units, what is the average cost of the firm?
- A. 25 Naira
- B. 35 Naira
- C. 45 Naira
- D. 50 Naira
The output and cost of production of rice (in bags) are presented in the table below. Use the information in the table to answer the questions that follow.
| Output of rice (in bags) | 0 | 1 | 2 | 3 | 4 |
| Total Variables Coat (TVC) $ | 0 | 5 | 7 | 10 | 20 |
| Total Cost (TC) $ | 7 | 12 | 14 | 17 | 27 |
(a) Calculate the
(i) Average Fixed Cost (AFC) at output levels 0,2 and 4
(ii) Marginal Cost (MC) at all levels of output
(b) If the price of a bag of rice were $10,
(i) calculate the profit/loss at all levels of output.
(ii) at what output level(s) is the maximum profit made?
(c) Draw the marginal cost curve (the use of graph sheet is essential).
which of the following is true about supply of land?
- A. its higher in the urban than rural areas
- B. varies with time
- C. rises with demand
- D. is fixed
The privatization exercise in Nigeria is a move towards a____________
- A. command economy
- B. mixed economy
- C. subsistence economy
- D. market economy
When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units. Determined the cross elasticity of demand?
- A. 1.7
- B. 0.6
- C. -0.6
- D. -1.7
Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a visa for a period of
- A. 14 days
- B. 30 days
- C. 60 days
- D. 90 days 100 days
(a) What are public corporations?
(b) State any four merits of public corporations.
View Discussion (0)WAEC 2004 THEORYGoods are said to be in competitive demand when they are
- A. substitutes
- B. complementary
- C. jointly demanded
- D. identical