Waec 1997 Economics Past Questions And Answers
which of the following will not increase the population of a country?
- A. an increase in birth rate
- B. a decrease in death rate
- C. better medical services
- D. Emigration
all the following are different forms of money except
- A. bank notes
- B. demand deposits
- C. coins
- D. bank sellers
the actual output of an economy is the output
- A. which would exist if all resources were fully employed
- B. produced by currently employed labour capital and land
- C. produced in the consumer goods sector
- D. produced in the capital goods sector
The largest employment sector in a typical West African country is
- A. construction
- B. transportation
- C. petroleum
- D. agriculture
With the aid of a diagram, explain the super-normal profit of a monopolist.
one of the instruments of protection of infants industries is the
- A. price control board
- B. open market operation
- C. tarrif
- D. GDP-deflator
Use the table to answer the following questions:
| Quantity of yams(kg) | Total Revenue (TR) | Marginal Revenue (MR) | Total Cost (TC) | Marginal Cost (MC) |
| N | N | N | N | |
| 0 | 0 | - | 5 | - |
| 1 | 9 | 9 | 8 | 3 |
| 2 | 18 | 9 | 6 | T |
| 3 | 24 | 6 | 21 | 5 |
| 4 | 28 | Q | 25 | 4 |
| 5 | 30 | 2 | 25 | U |
| 6 | P | 1 | 25 | 0 |
| 7 | 28 | -3 | S | 1 |
| 8 | 24 | R | 24 | -2 |
(a) Complete the table by calculating the missing figures P,Q,R,S,T,U.
(b)At what out-put is profit maximized?
(c) Calculate the profit when quantity sold is 5.
(d) At what output does MC begin to rise?
View Discussion (0)WAEC 1997 THEORYwhich of the following is a function of commercial banks?
- A. issuing currencies
- B. accepts deposits
- C. Are the bankers' bank
- D. Determine the rate of interest
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
when the government imposes a unit tax on a commodity with perfectly inelastic demand , the
- A. tax is borne entirley by the seller
- B. tax is shared equally between the buyer and the seller
- C. seller bears 70% and the consumer bears 30% of the tax
- D. tax is borne entirely by the consumer