Study and practice Economics past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
To the economist, efficiency of resource use means
Athe maximum use of resource to achieve minimum objectives
Bthe reduction of cost for adequate output
Crealting value of input to that of output
Dusing appropriate resources for desired wants
Emaximizing output from a given amount of resource
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Question 1582
waec1998
external economies refer to the
Acost-saving advantage a firm enjoys when by being close to other firm in the same industry
Bdisadvantage to a firm that is close to other firms
Ceconomies of large scale production
Deconomies of low scale production
Eartificial scarcity of goods
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Question 1583
waec1998
Total cost is the addition of
Areal cost and money cost
Bprice and taxes
Cfixed cost and variable cost
Daverage cost and marginal cost
Ecost of raw materials and wages
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Question 1584
waec1998
Total cost is the addition of
Areal cost and money cost
Bprice and taxes
Cfixed cost and variable cost
Daverage cost and marginal cost
Ecost of raw materials and wages
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Question 1585
waec1998
The introduction of division of labour in a firm will lead to?
Aa fall in output
Ba decline in the efficiency of labour
Can increase output
Dthe separation of ownership from management
Ean increase in unit cost
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Question 1586
waec1998
The equilibrium price of mangoes is N1.00. If the price fall to 50k, there will be
Aan excess demand
Ban excess supply
Ca surplus in the market
Dmany sellers in the market
Eno seller in the market
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Question 1587
waec1998
An ?exceptional demand is one in which
Asupplier sells all that he takes to the market
Bconsumers do not buy from the market
Cquantity demanded falls as price falls
Dpurchase of services and not products is considered
Equantity demanded and price moves in opposite direction
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Question 1588
waec1998
which of the following will shift the demand curve for Milo to the right?
Aan increase in consumer's income
Ba rise in the price of Milo
Ca tax on cocoa producers
Da fall in the quantity demanded of Milo
Efall in the price of Milo
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Question 1589
waec1998
If the last Naira spent on each commodity by a consumer gave him equal satisfaction , it means the consumer has been able to
Acut costs
Bmaximize costs
Cincrease profits
Dmaximize utility
Emanage scarce resources
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Question 1590
waec1998
At what price will a trader be ready to sell 6 oranges using the equilibrium below. p = 1/2 q + 2. where p is price and q is quantity?
AN3.00
BN4.00
CN5.00
DN6.00
EN8.00
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Question 1591
waec1998
one way of solving the problem of scarcity that faces the individuals is for
Athe government to import goods massively so that the citizen can get all they want
Bthem to work very hard so that they are able to buy all their wants
Cthem to choose between alternative since they cannot meet all their wants
Dthe government to study people's behaviour in order to know their wants
Ethem to use their resources as they want
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Question 1592
waec1998
the study of Economics enables the individuals to
Abe misserly in the spending of his money
Bderive maximum satisfaction from the money he spends
Cdetermines the right market to visit
Davoids purchase of luxurious items
Ederive solution to all problems
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Question 1593
jamb1998
In the diagram above, profit is maximized at 1 he output level
AON
BOK
COL
DOF
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Question 1594
jamb1998
In the diagram above, DoDo is the original demand curve, SoSo is the original supply curve, D1D1 is the new demand curve. What is the new equilibrium quantity?
AQ1
BQ2
CQ3
DQ4
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Question 1595
jamb1998
The shaded triangle in the diagram above is known as
Aexcess supply
Bconsumer surplus
Cexcess consumption
Dproducer surplus
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Question 1596
jamb1998
In the diagram above, the price P2 in price control situation, is referred to as
Aminimum price
Bmarkup price
Cmaximum price
Dmark-down price
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Question 1597
jamb1998
What is the average total cost when output is 200 units in the table above is
AN1.00
BN2.0
CN1.20
DN2.40
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Question 1598
jamb1998
Population Statistics of a Country. In 1990, the difference between the dependent population and the active population ratio is
A22%
B20%
C16%
D4%
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Question 1599
jamb1998
Population Statistics of a Country. The dependency ratio between 1960 and 1990 is
Aincreased by 5%
Bincreased by 2%
Cdecrease by 2%
Ddecrease by 5%
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Question 1600
jamb1998
From the table above, the total utility for the individual who consumes 3 units of commodity X is
