Economics Past Questions And Answers

Note: You Can Select Post UTME Schools Name Below The Exam Year.
381
equilibrium

a. The equilibrium position of a firm is illustrated in the diagram below. Study the diagram and answer the questions that follows:

i. equilibrium output level

ii. equilibrium price

b. At equilibrium output level, calculate the firm's

i. total cost

ii. total revenue

iii. total profit

c. At equilibrium output level, calculate the firm's

Is the firm operating is the long-run or short-run? Explain your answer.

d. At equilibrium output level, calculate the firm's

i. What type of market is the firm operating in?

ii. Listthree features of the market type identified in d(i)

View Discussion (0)WAEC 2023 THEORY
382

With the aid of diagrams, explain what is meant by a change in:

(a) the quantity demanded;

(b) demand.

View Discussion (0)WAEC 1991 THEORY
383

If less of a good is bought as one's income increases, such a good is

  • A. a normal good
  • B. a luxury
  • C. a necessity
  • D. an inferior good
View Discussion (0)WAEC 2019 OBJ
384

Division of labour may be restricted when

  • A. an ailing economy has improved
  • B. producers live in villages
  • C. market is small
  • D. there is full employment
View Discussion (0)WAEC 1993 OBJ
385

The production cost that varies inversely with output is the

  • A. total fixed cost
  • B. marginal cost
  • C. average fixed cost
  • D. average cost
View Discussion (0)WAEC 2022 OBJ
386

The use of government revenue and expenditure to achieve set objectives is known as

  • A. budget
  • B. fiscal policy
  • C. revenue allocation
  • D. monetary policy
View Discussion (0)JAMB 2008
387

Which of the following is NOT a source of government revenue?

  • A. Taxes, Fees, licenses and fines
  • B. Personal income, disposable income and transfer earnings
  • C. Interest, dividends, profits and earnings
  • D. Grants, aids and borrowing
View Discussion (0)JAMB 2016
388

When price elasticity of supply is equal to 0.4, supply is said to be

  • A. inelastic
  • B. elastic
  • C. unitary elastic
  • D. public utilities
View Discussion (0)WAEC 1999 OBJ
389

Functions of money does not include_______

  • A. store of value.
  • B. medium of exchange
  • C. standard of deferred payment.
  • D. general acceptability
View Discussion (0)WAEC 2021 OBJ
390

Which of the following is a function of merchant banks?

  • A. minting of coins
  • B. preparation of government budget
  • C. keeping watch on external reserves of the country
  • D. acting as acceptance houses
View Discussion (0)WAEC 2002 OBJ