Economics Past Questions And Answers
Patents and copyrights enable monopolists to
- A. determine the quality of their products
- B. determine the scale of their products
- C. restrict information flow to new firms
- D. restrict entry of new firms
One-man business are popular in West Africa because of all the following except the
- A. ease of entry
- B. small capital required
- C. limited enterpreneur skills needed
- D. tendency to become joint-stock compsnies
An effective way of controlling inflation in a mixed economy is to
- A. increase productivity
- B. reduce income tax
- C. ration available output
- D. increase imports
one of the major functions of money is?
- A. medium of exchange
- B. stable in value
- C. store of value
- D. acceptance by the central bank
Why do countries impose restrictions on international trade?
View Discussion (0)WAEC 2013 THEORYgoods whose demand vary directly with money income are called?
- A. inferior goods
- B. complementary goods
- C. substitutes
- D. normal goods
The quantity supplied of a book per week is represented by the function: Qs + 70 + 1/2 P, At a price of N8.00, the quantity supplied is
- A. 70
- B. 74
- C. 76
- D. 86
One of the major advantages of specialization is that?
- A. the worker becomes a tenderer of machines
- B. it causes more employment of labour
- C. less machinery is required for production
- D. the worker wastes less time between operations
f the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of deman is_______
- A. Zero
- B. 10
- C. 2
- D. 1
The sum of N80,000 is deposited in a bank and the cash ratio of the banking system is 10%. calculate the sum of money the bank can create from the deposit?
- A. N 100 000
- B. N 800 000
- C. N 1000 000
- D. N 8000 000