Economics Past Questions And Answers
The final stage in the production process of any commodity involves its movement from the
- A. retailer to the wholesaler
- B. producer to the wholesaler
- C. retailer to the consumer
- D. wholesaler to the retailer
Given that Y = C + I and C = bY where b = 0.8, what is the multiplier?
- A. 5
- B. 10
- C. 4
- D. 2
If a monopolist is attempting to maximize profit , which of the following should he attempt to do?
- A. Equate average cost to average revenue
- B. Equate marginal cost to marginal revenue
- C. Equate marginal cost to average revenue
- D. fix price and output
A carpenter's consumer goods includes 1. a kilogram of rice II. 3 pairs of shoes III. 4 pairs of socks IV. 3 screw drivers
- A. I and IV only
- B. I,II,III and IV
- C. I, II and IV only
- D. I, II and III and III
Commercial banks are different from development banks in that the latter
- A. lend on short-term basis
- B. pay interest on current accounts only
- C. are mostly joint-stock companies
- D. do not deal in foreign currencies
Localization of industries refers to the
- A. spread of firms producing different products
- B. siting of industries near the market
- C. concentration of firms of an industry
- D. siting of firms producing different products
The need for development planning arises largely from the fact that
- A. aggregate savings exceeds aggregate consumption
- B. aggregate consumption equals aggregate savings
- C. productive resource are in excess of the demand for them
- D. productive resource are scarce relative to the demand for them
The necessity of choice is due to the fact that?
- A. human wants are insatiable
- B. consumers like to maximize satisfaction
- C. resources are abundant
- D. consumers are selective
The benefits that accrue to a firm as a result of an improvement in the industry it belongs to are called?
- A. internal economies of scale
- B. economies of scale
- C. market economies
- D. external economies
Describe any four ways by which industrial development can promote agricultural productivity in your country
View Discussion (0)WAEC 2005 THEORY