Economics Past Questions And Answers
The coefficient of the price elasticity of supply is always_____________
- A. Constant
- B. Zero
- C. Positive
- D. Negative
Table 2 below show the unit prices and quantities of hats produced by a firm
Study it and answer the questions that follows
| Quantity | Unit Price (S) | Total Revenue (S) | Marginal Revenue (S) | Average Revenue (S) |
| 10 | 180 | 1800 | - | 180 |
| 20 | 150 | 3000 | 120 | X |
| 30 | U | 3600 | 60 | 120 |
| 40 | 100 | V | W | Y |
| 50 | 80 | 4000 | 0 | 80 |
| 60 | 60 | 3600 | 40 | 60 |
a) Compute the values of U, V, W, X and Y
b) In what type of market is the firm operating? Explain your answer
c) If the firm's marginal cost is $60.00 at all levels of output, at what level of output will it be in equilibrium? Explain your answer
d) If a total cos of $600,00 is incurred when 50 units of hats are produced. Determine the margin of profit or loss made.
e) What is another name for marginal cost?
View Discussion (0)WAEC 2021 THEORYThe major reason why countries strive to achieve optimum growth is to
- A. be self-sufficient
- B. raise general living standards
- C. raise the level of production
- D. reduce aggregate expenditure
An important function of the retailer is to?
- A. grant credit to the wholesaler
- B. break bulk and sell products in small units
- C. reduce cost of distribution
- D. generate demand for products through advertisement
which of the following item is not included in measuring national income by the income approach?
- A. Wages and salaries of public servants
- B. Student's grants and scholarships
- C. Profits of companies
- D. Income earned by self-employed persons such as lawyers
Economic growth can be accelerated through
- A. excess current consumption
- B. excess consumption over investment
- C. increased current consumption
- D. increased current investment
Which of the following must be true to have a closed economy with no government, and yet the value of the investmet multiplier still increase?
- A. Marginal propensity to save has fallen
- B. Actual investment had fallen
- C. Average propensity to invest has fallen
- D. Actual saving has fallen
An increase in marginal propensity to save will lead to
- A. an increase in marginal propensity to consume
- B. a decrease in the level of consumption
- C. an immediate decrease in the net national income
- D. an increase in the level of consumption
if the price of margarine rises substantially, the equilibrium price and quantity of butter demand will
- A. decrease
- B. increase
- C. remain constant
- D. fluctuate
West African countries experience rapid population growth due to
- A. existence of birth control clinics
- B. early marriages
- C. adequate sex education in schools
- D. late marriages