Waec 2002 Economics Past Questions And Answers
The National Electrical Power Authority (NEPA) in Nigeria is a
- A. Public Limited Company
- B. private limited company
- C. private authority
- D. public corporation
Which of the following is a problem of trade by barter?
- A. exchange rate determination
- B. hoarding
- C. how to produce
- D. what to produce
When elasticity is zero the demand curve is
- A. perfectly elastic
- B. Perfectly inelastic
- C. concave
- D. downward sloping
One of the criticisms of population increase is that it result in
- A. a rise in people's standard of living
- B. low level of illiteracy
- C. low level of taxation
- D. increase in government expenditure
(a) What is a perfectly competitive market?
(b) Explain the conditions necessary for a perfectly competitive market,
View Discussion (0)WAEC 2002 THEORYAn increase in the demand for butter reduces the demand for margarine, this type of demand is called
- A. competitive demand
- B. elastic demand
- C. derived demand
- D. composite demand
The following data relate to a closed economy of a country where all production takes place in two firms. Use the information in the table to answer the questions that follow:
| Items | Firm A (in 000 Dollars) | Firm B (in 000 Dollars) |
| Sales | 200 | 400 |
| Raw material | 100 | 60 |
| Labour costs | 80 | 160 |
| Depression | 16 | 40 |
| Profits | 4 | 140 |
(a)(i) Which of the items listed above is an intermediate input?
(ii) What happens to intermediate inputs in the calculation of the national income?
(iii) Calculate the Gross Domestic Product (GDP) of the country.
(b)(i) Calculate the total amount of depreciation of the country
(ii) Calculate the Net Domestic Product of the country.
View Discussion (0)WAEC 2002 THEORYWhich of the following statements about population is correct?
- A. Optimum population whenever achieved does not change
- B. Under-population implies that available resources are not use to full capacity
- C. Over-population leads to a higher per capital output
- D. Optimum population leads to overcrowding of cities
International trade is based on the law of
- A. absolute cost advantage
- B. variable proportion
- C. comparative cost advantage
- D. mutual co-operation
The cost which firm will incur whether it is in production or not, is referred to as
- A. average cost
- B. variable cost
- C. opportunity cost
- D. fixed cost