Economics Past Questions And Answers
The export of west A frican countries are mostly composed of
- A. service
- B. raw materials
- C. manufactured goods
- D. consumer goods
If birth rate is constant and death rate declines, population?
- A. falls
- B. expands
- C. stabilizes
- D. oscilates
An important contribution of small-scale industries to the Nigerian economy is in the area of
- A. technological development
- B. foregin exchange earnings
- C. raw materials processing
- D. labour employment
when the government imposes a unit tax on a commodity with perfectly inelastic demand , the
- A. tax is borne entirley by the seller
- B. tax is shared equally between the buyer and the seller
- C. seller bears 70% and the consumer bears 30% of the tax
- D. tax is borne entirely by the consumer
The distribution of goods by the price system is distorted when
- A. there is a high degree of competition among producers
- B. producers and consumers operate freely
- C. factors of production are mobile
- D. there is price control measure in the system
For a firm, value added can be defined as the difference between the
- A. input prices and product prices
- B. value of its output and inputs purchased from other firms
- C. value of its output and the cost of production
- D. total revenue and total cost
The 150.00 Naira which Olu would have used to purchase a textbook was used to buy a T-shirt . This implies that
- A. Olu's real cost is 150.00 Naira
- B. Olu's opprtunity cost is the T-shirt he bought
- C. Olu's opportunity cost is the textbook
- D. Olu's money cost is also the real cost
The dependency ratio of a country is the
- A. the children and aged who rely on the active population for support
- B. people who are cared for by their extended families
- C. total active population who depend on government for survival
- D. number of children who depend on their parents for survival
a.
i. Table 1 below represents the output levels of a firm producing hand sanitizer. Use the information to answer the questions that follow.
Table 1
| Output (units) | 0 | 10 | 18 | 28 | 36 | 45 |
If the cost function of the firm is given as C = 30 + 4q, where C is the total cost and q is the units produced, calculate the:
total cost in dollars of producing:
18 units
ii.Table 1 below represents the output levels of a firm producing hand sanitizer. Use the information to answer the questions that follow.
Table 1
| Output (units) | 0 | 10 | 18 | 28 | 36 | 45 |
If the cost function of the firm is given as C = 30 + 4q, where C is the total cost and q is the units produced, calculate the:
total cost in dollars of producing:
36 units
b.
i. Average costs in dollars of producing:
28 units
ii. Average costs in dollars of producing:
45 units
c. What is the marginal cost in dollars of producing 28 units?
d. Determine the profit made from producing 45 units when the market price is fixed at $5.00 per unit.
e. Determine the fixed cost of the firm. Explain your answer.
View Discussion (0)WAEC 2023 THEORYThe table below shows the total revenue schedule of a farmer who produces maizze. Use the informatiom in the table to answer the qeston that follows;
| Output (in bags) | Total Revenue ($) |
| 0 | 0 |
| 1 | 6 |
| 2 | 12 |
| 3 | 18 |
| 4 | 24 |
| 5 | 30 |
| 6 | 36 |
(a) At each level of output, calculate the farmer's marginal revenue (MR).
(b) What is the price of a bag of maize? Explain your answer.
(c) In what market structure is the farmer operating? Give a reason for your answer.
View Discussion (0)WAEC 2018 THEORY