Economics Past Questions And Answers
If a business' total economic cost of producing 10,000 units of a product is N750,000 and this output is sold to consumers for N1,000,000, then the firm would earn
- A. A normal profit of N750,000
- B. An economic profit of N750,000
- C. A normal profit o N1,750,000
- D. An economic profit of N250,000
The type of monopoly that develops as a result of uneven distribution of resources is called
- A. legal monopoly
- B. natural monopoly
- C. state monopoly
- D. international monopoly
If a country's national income increased from N1000 billion over a period of 2 years, what was the average annual rate of growth of national income over the period?
- A. 5%
- B. 15%
- C. 20%
- D. 100%
In a small scale business, the fixed cost is N5,000, variable cost is N15,000 and the output is 500 units. What will be the unit cost of the goods?
- A. N400.00
- B. N80.00
- C. N40.00
- D. N20.00
(a) What is an Economic system?
(b) Explain any three characteristics of a mixed economic system.
(c) State any two disadvantages of a mixed economic system.
View Discussion (0)WAEC 2007 THEORYA modern corporation is owned by?
- A. debenture holders
- B. ordinary shareholders
- C. preference shareholders
- D. creditors
The total stock of money available for use in an economy is
- A. a function of money
- B. a characteristics of money
- C. the demand for money
- D. the supply of money
The opportunity cost of the use of productive resources which a producer owns and so does not pay constitutes?
- A. a fixed cost
- B. an implicit cost
- C. a variable cost
- D. a prime cost
The economic goals of public corporation is to
- A. maximize profits
- B. expand assets
- C. minimize cost
- D. provide essential services
A tax whose rate increases as income increases is
- A. an indirect tax
- B. a progressive tax
- C. a regressive tax
- D. a direct tax