Economics Past Questions And Answers
The number of people who are qualified to work and who offered themselves for employment are called
- A. mobility of labour
- B. working population
- C. migrant labour
- D. labour turnover
A firm's shut-down point is reach when the average revenue fails to cover the?
- A. average variable cost
- B. marginal cost
- C. average total cost
- D. average fixed cost
What effect will an increase in price have on the total revenue of a firm whose product has inelastic demand? total revenue will
- A. increase
- B. fall
- C. fluctuate
- D. remain unchanged
The increase in population growth in big cities is referred to as
- A. settlement
- B. migration
- C. industrialization
- D. urbanization
A situation in which a commodity is sold abroad below its cost of production in the home country is known as?
- A. dumping
- B. counter trade
- C. bilateral trade
- D. trade liberalization
The relationship between the cost of living and standard of living is
- A. A rise in cost of living gives a corresponding rise in standard of living
- B. A lower cost of living give a higher standard of living
- C. A lower cost of living give a lower standard of living
- D. None of the above
In the diagram L1L1 and L2L2 are budget lines. I1 I2 and I3 are indifference curves. which points are optimal?
- A. U and W
- B. V and W
- C. U and Z
- D. Y and Z
(a) State and explain the law of comparative cost advantage. [12 marks]
(b) Give two limitations of the law as a theory of international trade. [8 marks]
View Discussion (0)WAEC 2012 THEORYA change in the quantity demanded of a given commodity is determined by the
- A. size of the population
- B. income of the consumer
- C. price of the commodity
- D. taste and fashion
An emerging agricultural export crop in Nigeria is
- A. cassava
- B. cotton
- C. cocoa
- D. soya beans