Economics Past Questions And Answers
In commercial banking, an account from which the customer cannot withdraw money instantly is a?
- A. demand deposit account
- B. time deposit account
- C. special deposit account
- D. savings deposit account
To the economist a stock of goods existing at a a particular time and conforming to certain requirements such as having utility, money value and being limited in supply , is known as
- A. consumer goods
- B. products
- C. wealth
- D. commercial goods
agriculture plays a dominant role in our country because
- A. it is the main source of energy
- B. it employs more than 50% of the total labour force
- C. it supplies all the industrial inputs
- D. there are large plantations cocoa, groundnut and palm oil
A major objective of the Federal Government's initiative on cassava production in Nigeria is to
- A. diversify the export base of the economy
- B. ensure the availability of cassava
- C. make cassava a staple food in the country
- D. provide raw materials for industries
If the demand curve facing a firm is sharply downward-sloping, the firm is likely to be
- A. a monopolistic competitor as it can have a limited influence on price
- B. a monopolist as it can have a great influence on price
- C. a perfect competitor as it cannot influence the market price
- D. an oligopolist as it can collude with other firms to have some influence on price
Explain any five reasons why a joint stock company is preferable to a one-man business.
View Discussion (0)WAEC 1997 THEORYRevenue is the
- A. total profit made after sales
- B. amount spent on purchase
- C. amount of goods produced
- D. total money realized from sales
In perfect competition , the marginal cost curve intersects the average cost curve
- A. from below at its lowest point
- B. from above at its lowest point
- C. from below before the lowest point
- D. at the zero point
The price per unit of a commodity to a buyer is the same as the
- A. Normal profit of the seller
- B. Average revenue of the seller
- C. Marginal cost of the commodity
- D. Marginal revenue of the seller
The price level and the value of money are
- A. positively related
- B. directly related
- C. not related
- D. inversely related