Economics Past Questions And Answers
261
One of the objectives of Nigeria's current population policy is to?
- A. reduce the birth rate
- B. reduce the emmigration rate
- C. increase the birth rate
- D. enhance longevity
262
Which of these best explains Malthusians theory of population?
- A. Increase in population cause hunger and death
- B. The population increase faster than food supply
- C. The population grows at arithmetic progression while food production grows at geometric progression
- D. People could be sent to
263
A major feature of an underdeveloped economy is
- A. excess capacity utilization
- B. low rate of population growth
- C. low level of standard of living
- D. low level of unemployment
264
(a) Explain the term balance of payments deficit
(b) What four measures can be taken to reduce the balance of payments deficit of a country?
View Discussion (0)WAEC 2005 THEORY265
A firm that closes down will still incur
- A. variable cost
- B. fixed cost
- C. total cost
- D. marginal cost
266
The excess of aggregate expenditure over full employment level of output is referred to as
- A. GNP gap
- B. deflationary gap
- C. inflation gap
- D. recessionary gap
267
Regressive tax is not a good tax system because it
- A. Is not convenient to pay
- B. Is not certain what to pay
- C. Is not economical to collect
- D. Does not ensure equity in payment
268
The fixing of the price of an item above or below the equilibrium price is most likely to take place in a?
- A. centrally planned economy
- B. free market economy
- C. developed economy
- D. mixed economy
269
The U-shape of the long run average cost curve can be explained by the?
- A. law of increasing returns
- B. law of constant returns
- C. law of diminishing returns
- D. concepts of economies and diseconomies of scale
270
Division of labour leads to
- A. improved craftsmanship
- B. the production of standardized goods
- C. increase in the cost of goods
- D. trade by barter