Waec 2007 Economics Past Questions And Answers
The practice whereby a business is owned by two or more independent firms is termed
- A. indigenization
- B. joint venture
- C. commercialization
- D. foreign investment
Long-term loans can be secured from
- A. Commercial banks
- B. discount houses
- C. development banks
- D. acceptance houses
The main objective of privatizing a government business is to
- A. create additional employment
- B. increase expenditure
- C. source for new funds
- D. increase the level of efficiency
To promote the development of agricultural sector, government of West African countries should
- A. encourage rural-urban drift
- B. discourage foreign investment in agriculture
- C. support the marketing of farm produce
- D. reduce tarrif of food imports
(a) State the law of diminishing return
(b) What is (i) marginal product (ii) average product?
(c) Explain any three factors that determine the size of firms.
View Discussion (0)WAEC 2007 THEORYthe return of investment that is just sufficient to satisfy the owner of a business is called?
- A. economic profit
- B. business profit
- C. normal profit
- D. excess profit
Study the diagram below carefully and use the given information to answer the questions that follow:
(a) Determine: (i) the profit maximizing output; (ii) the firm's profit if it produces 600 units of output; (iii) the total cost if the firm produces 400 units.
(b) Calculate the (I) total revenue (ii) profit of the firm at the output level of 900 units
(c) What will happen if a firm's market price falls below its average variable cost?
A negative effect of the presence of a large number of middlemen in the distributive network is
- A. greater variety of goods
- B. greater quality of goods
- C. lower price of goods
- D. higher price of goods
If the price of goods X rises and the quantity demanded of goods Y increases then the two goods X and Y must be
- A. inferior goods
- B. substitutes
- C. complements
- D. free goods
Which of the following institutions assists the government in managing the national debt?
- A. Commercial banks
- B. The Central banks
- C. The capital market
- D. The World bank