Economics Past Questions And Answers
Which of the following factors is not a cause of diminishing returns?
- A. Increase in variable inputs
- B. constant technology
- C. Land fragmentation
- D. Technological innovations
a shift in supply curve to the right will result in a
- A. fall in both the price and supply
- B. fall in price but an increase in supply
- C. rise in both price and supply
- D. rise in price and fall in supply
If the price of product K declines , the demand curve for the complementary product J will
- A. remain unchanged
- B. shift to the right
- C. decrease
- D. shift to the left
The commercial banks differ from non-bank financial institutions because they
- A. Accept deposits withdrawable by cheque
- B. Mobilize savings
- C. Invest surplus funds
- D. Contribute to economic development
Cost schedule of a firm
| Output | Total Fixed cost TFC(N) | Total Variable Cost TVC (N) | Total Cost TC (N) | Average Variable AVC(N) | Average Total ATC (N) | Marginal Cost MC(N) |
| 0 | 100 | 0 | 100 | 0 | 100 | - |
| 1 | 100 | 40 | 140 | - | - | - |
| 2 | 100 | 64 | 164 | - | - | - |
| 3 | 100 | 80 | 180 | - | - | - |
| 4 | 100 | 88 | 188 | - | - | - |
| 5 | 100 | 96 | 196 | - | - | - |
From the cost schedule in this table calculate the Average Variable Cost (AVC), Average Total Cost (ATC) and Marginal Cost (MC) of the firm. Show your working clearly.
View Discussion (0)WAEC 1993 THEORYIn national income accounting, aggregate saving in any year is defined as?
- A. all disposable income not spent on consumption
- B. all savings deposits in all banks during the year
- C. all savings and time deposits in all banks during the year
- D. the value of inventory change for the year
A point along a consumer's indifference curve shows
- A. the difference commodities he can consume
- B. a combination of all commodities he is willing to buy
- C. a combination of two commodities from which he derive the same satisfaction
- D. the quantity of commodities demanded by him
The role of government in promoting agricultural development includes the following except
- A. paying the wages of farmers
- B. establishing and funding research
- C. formulation of policies
- D. provision of rural infrastructures
(a)What is the demographic transition theory?
(b) Explain the three stages of the theory.
View Discussion (0)WAEC 2011 THEORYHuman wants are insatiable because wants are
- A. limited while means are scarce
- B. unlimited and means are also unlimited
- C. limited and means are also limited
- D. unlimited while means are scarce