Economics Past Questions And Answers
Calculate the marginal physical product of the last unit of input
- A. 0
- B. 2
- C. 4
- D. 10
A fall in the price of a normal commodity which has elastic demand will result in
- A. a fall in demand
- B. a fall in quantity demanded
- C. an increase in revenue
- D. a decrease in revenue
In open market operations, what the Central Banks sells or buys are
- A. shares
- B. debentures
- C. securities
- D. equities
The table below shows the cost of production and output of maize. The price of maize is fixed $20.00.Use the information to answer the questions that follow.
| Maize (bags) | Total Variables ($) | Total cost ($) | Total Revenue ($) |
| 0 | 0 | 10 | 0 |
| 1 | 8 | w | 20 |
| 2 | 10 | x | 40 |
| 3 | u | 25 | y |
| 4 | v | 32 | z |
| 5 | 28 | 38 | 100 |
a. what is the value of total cost? Give a reason for your answer.
b. Calculate the values of u,v,w,x,y and z
c. Calculate the profit levels 1 and 4
d. In what market structure is the firm operating? Give a reason for your answer.
View Discussion (0)WAEC 2019 THEORYThe process that leads to an agreement on the condition of service between employer and employee is termed
- A. Salary negotiation
- B. Arbitration
- C. Collective bargaining
- D. Conciliation
In the diagram below, RTX and STY are the marginal cost and the average cost curves responsively of a perfectly competitive firm. The supply curve of the firm is indicated by
- A. TX
- B. RT
- C. ST
- D. TY
In a sole proprietorship, the decisions are made by the ______
- A. Government
- B. Management
- C. Owner
- D. Board of Directors
A priority rating of aggregate individuals wants is called
- A. Scarcity
- B. choice
- C. A scale of preference
- D. opportunity cost
When the government fix the price of essential commodities, this is referred to as:
- A. Price equilibrium
- B. Price control
- C. Demanded price
- D. Asking price
In Nigeria, the huge public debt is as a result of
- A. balanced budgeting
- B. deficit budgeting
- C. surplus budgeting
- D. zero budgeting