Economics Past Questions And Answers
Two factors which can improve the efficiency of labour are_________
- A. population size and age of retirement
- B. school leaving age and number of disabled workers
- C. work environment and health status of workers
- D. school leaving age and number of part-time workers
Explain each of the following: (a) Nationalization, (b) Commercialization, (c) Privatization and (d) Joint ventures.
View Discussion (0)WAEC 2007 THEORYThe use of the bank rate, cash ratio and open market operations constitute
- A. fiscal policy
- B. monetary policy
- C. import policy
- D. export policy
one economic implication of over-population is that it
- A. leads to low demand s of goods
- B. reduce balance of payment difficulties
- C. leads to a fall in per capital income
- D. reduce pressure on the available social facilities
Which of the following is NOT a character of perfect competition?
- A. Supply and demand are equal
- B. Products are identical
- C. There is perfect knowledge
- D. There is no advertising
The co-efficient of income elasticity of demand for inferior goods is
- A. positive
- B. equal to one
- C. less than one
- D. negative
In the long-run, potential GNP is variable because. I technological change takes place II the quantity of labour and capital is not fixed III. unemployment is not constant
- A. I only
- B. II only
- C. I and II only
- D. I and III only
The cost elasticity of supply is a useful instrument for measuring
- A. profit
- B. productivity
- C. national income
- D. price index
The excess benefit derived from the purchase of goods over the amount paid for them is referred to as consumer
- A. rationality
- B. surplus
- C. sovereignty
- D. credit
Non-economic factors that influence the location of firms include ________
- A. the existence of required materials for production
- B. availability of population of buyers
- C. adequate supply of power, good road and rail network
- D. the activities of politicians in deciding location of firms