Economics Past Questions And Answers
(a) Distinguish between:
(i) a firm and an industry.
(ii)location and localization of industry.
(b) Describe any four factors which influence the location of industries in your country.
View Discussion (0)WAEC 2004 THEORYThe diagram below represents the cost and revenue situation of a firm. Use the information in the diagram to
answer the questions that follow.
(a) Why would the firm not produce at (i) Q\(\_1\) (ii) Q\(\_3\) ? [6 marks]
(b) How much profit does the firm make at P\(\_1\)? [4 marks]
(c) If price falls to P\(\_1\)
(i) What quantity would the firm produce? [2 marks]
(ii) What type of profit does the firm make? [2 marks]
(iii) Explain your answer in c(ii). [4 marks]
(d) In which type of market s the firm operating?[2 marks]
A capital market differs from the money market in that in the former ________?
- A. The percentage of interest charged is more
- B. Loan sought is long term
- C. Loan repayment is guaranteed
- D. Loan sought is short-term
Expenditure on food takes a large proportion of the incomes of people in
- A. industrialized countries
- B. advanced countries
- C. developing countries
- D. capitalist countries
If the last Naira spent on each commodity by a consumer gave him equal satisfaction , it means the consumer has been able to
- A. cut costs
- B. maximize costs
- C. increase profits
- D. maximize utility
In Nigeria, cheques are not money because________
- A. Most Nigerians cannot identity them
- B. They are not legal tender
- C. There are no banks in rural areas
- D. They are not generally acceptable as a medium of exchange
International trade takes place because of difference in
- A. production cost
- B. language
- C. government policy
- D. currency
A major effect of a long distribution chain is
- A. scarcity of commodities
- B. high retail
- C. low retails prices
- D. low producer earnings
Inflation may occur if there is?
- A. excess supply over demand
- B. increase in productivity
- C. excessive demand with limited supply
- D. increased government spending in a depressed economy
Import substitution as a strategy of industrialization is the
- A. replacement of locally produced goods with imported ones
- B. development of locally produced goods with imported ones
- C. establishment of firms to process imported raw materials
- D. act of using local inputs to produce goods for export