Economics Past Questions And Answers
2731
If a refinery achieves a reduction in cost by purchasing and transporting crude oil in large quantities, it enjoys
- A. economies of scale
- B. specialization
- C. division of labour
- D. diseconomies of scale
2732
The basic idea behind brand differentiation under an imperfect market arrangement is to?
- A. stimulate demand for rival products
- B. create demand for the particular product
- C. enable the product penetrate the market
- D. enable the product to complete with others
2733
One of these is not a way by which government encourage industrialization?
- A. Protection of Infant industries
- B. Establishment of Nigeria Enterprises Promotion Decree
- C. Low Productivity and inefficiency
- D. Establishment of higher institutions
2734
A tent-making factory offers
- A. personal services
- B. indirect services
- C. social services
- D. reflex services
2735
census of population is usually conducted every
- A. 20 years
- B. 15 years
- C. 10 years
- D. 7 years
2736
one way of speeding up the economic development of a country is by encouraging
- A. the consumption of consumer goods
- B. early marriage
- C. the importation of more consumer goods
- D. savings and investment
2737
which of the following is necessary for the survival of small firms in West Africa?
- A. acess to loand for development
- B. inadequate collaterals for bank loans
- C. government assistants in form of loans and tax holidays
- D. high transportation cost
2738
Both in the short run and in the long run, a firm maximizes its profits when?
- A. MC = MR
- B. AC = MC
- C. AVC = AC
- D. MC = AVC
2739
(a) What is an economic system?
(b) Outline any four features of a capitalist economy.
View Discussion (0)WAEC 2006 THEORY2740
An economic goods is described as a good which
- A. yields utility and commands a price
- B. is useful and occupies a space
- C. is in high demand and transferable
- D. has unlimited supply