Economics Past Questions And Answers
In the diagram below, profit is maximized at 1 he output level
- A. ON
- B. OK
- C. OL
- D. OF
When a foreigner on a visit to Nigeria pays for hotel accommodation and meals with some foreign currency,the amount paid should be recorded in Nigeria's balance of payment as an item of?
- A. Nigeria's invisible export trade
- B. Nigeria's import trade
- C. Nigeria's invisble trade
- D. foreign capital inflow into Nigeria
Industries contribute to national economic development because they?
- A. utilize local raw materials
- B. employ an increase number of labour
- C. provide recreational facilities
- D. use modern machines which replace human labour
The table below shows the various possible combinations of military and civilian goods produced by a country, using the available resources and technology. Use the table to answer the questions that follow.
| Military goods (in toons) | Civilian goods (in toons) |
| 0 | 200 |
| 20 | 160 |
| 40 | 120 |
| 60 | 80 |
| 80 | 40 |
| 100 | 0 |
(a) Draw the production possibility curve (PPC).
(b) Indicate points S and K at which production is not feasible.
(c) Indicate points M and N at which resources are not efficiently utilized.
(d) What does the downward slope of the PPC indicate?
(e) Why is production not feasible at points S and K?
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If the country is currently producing at point Y, it can increase production of producer goods by moving to the point
- A. V
- B. W
- C. X
- D. Z
The need to construct a scale of preference is necessitated by____________
- A. scarcity and the need for choice
- B. The needs to satisfy wants
- C. Non - availability of factors of production
- D. Scarcity of resources
Explain the factors that affect the supply of labour in Nigeria.
View Discussion (0)WAEC 1991 THEORYThe term production in Economics means
- A. manufacturing of goods
- B. the creation of utilities
- C. giving birth to children
- D. the distribution of goods and services
manufacturing involves the process of
- A. making goods available
- B. providing finished products
- C. changing items to new states
- D. producing capital goods only
Which of the following is not done by the NNPC?
- A. production of crude oil
- B. Refining of crude oil
- C. Exploration for crude oil
- D. Pricing of crude oil