Economics Past Questions And Answers
3081
(a) What is elasticity of supply?
(b) when is supply elastic?
(c) Explain any four factors that influence elasticity of supply.
View Discussion (0)WAEC 2006 THEORY3082
Where was oil first discovered in commercial quantities in Nigeria?
- A. Oloibiri
- B. Warri
- C. Elesa Eleme
- D. Onitsha
3083
The Malthusian theory of population does not concern itself with
- A. growth of food production in arithmetical progression
- B. growth of population in geometric progression
- C. positive check to population growth
- D. development and growth of manpower
3084
Which of the following is not function of central bank
- A. Banker to the Government
- B. Banker's bank
- C. Acceptance of deposit from the public
- D. Responsibility for monetary policy
3085
Which of the following factors of production consists of man made goods?
- A. land
- B. labour
- C. capital
- D. entreprenuer
3086
The demand for a commodity that serves two or more purposes is
- A. competitive demand
- B. complemetary demand
- C. composite demand
- D. derived demand
3087
What must be added to variable cost to give total cost?
- A. average total cost
- B. average variable cost
- C. fixed cost
- D. marginal cost
3088
A measure of the value of money in an economy is the
- A. size of workers
- B. general price
- C. total level of savings
- D. total amount of loans granted by the banks
3089
In this table, the marginal product of the 2nd worker and the average product of the 5th worker respectively are
- A. 23 and 20
- B. 22 and 19
- C. 14 and 19
- D. 11 and 20
3090
Economics is the study of how to
- A. choose between alternatives, given limited resources
- B. regulate the money that is in circulation in a country
- C. be prudent in the use of available resources
- D. improve the standard of living of the society at large