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.
Which of the following functions do retailers perform in an economy?
AProduction
BExchange
CHoarding
DDistribution
EInvestment
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Question 1862
waec1991
Devaluation means
Aa reduction in the value of the National currency
Ba reduction in the purchasing power of the foreign currency
Ca reduction in the value of the domestic currency relative to foreign currencies
Dan increase in the value of the national currency
Ea decrease in the purchasing power of the foreign currencies
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Question 1863
waec1991
open market operation are the process by which
Athe Central Banks purchases and sells securities
BCommercial Banks purchases and sells securities
Cbusiness firms buys raw materials freely
Dhuseholds buys consumer goods openly
Ethe money market takes over the function of the Central Banks
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Question 1864
waec1991
The value of money is determined by the
Arate of interest
Bgeneral price level
Cquantity of money in circulation
Dlevel of economic development
Eweight of the currency notes and coins
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Question 1865
waec1991
if over a period of time there is more money in the economy than the available goods and services , the economy is likely to experience
Adevaluation
Binflation
Cdeflation
Ddemonetization
Eover-valuation
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Question 1866
waec1991
The monetary system that requires a double coincidence of wants is known as the
Agold standard
Bbarter system
Ccommodity system
Dgold exchange standard
Echeque system
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Question 1867
waec1991
Agriculture plays a dominant role in West African economies because
Athe Green Revolution in Nigeria is agricultural
Bit supplies all the food stuffs consumed in Ghana alone
Cthere are large plantation of cocoa, groundnut and oil palm in West Africa
Dit is the main source of revenue in Sirera Leon alone
Eit emplys more than 50% of the total labour force in West Africa
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Question 1868
waec1991
Choice is necessary because resources
Aare available
Bcan be found everywhere
Care constant
Dare scarce
Eare unlimited
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Question 1869
waec1991
The price system refers to the system by which
Athe government controls price in the economic system
Bprices tends to rise to a general level
Cprice allocates resources between consumer and producer goods
Dgovernment allocate resources to consumers and producers
Ethe producers fix the price for their products
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Question 1870
jamb1991
Which of the following statements must hold if price discrimination is to be possible?
AElasticities in the various markets must not differ
BThe seller must recognise the possibility of resale
CThe market must not be separated but integrated
DThe markets should be seperable and there should be no resale.
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Question 1871
jamb1991
In combining inputs x and y, the entrepreneur obtains the maximum output from a given money outlay when
A\( \begin{matrix} P_ x = P _ y \\ MP _ x = MP _ y \end{matrix} \)
B\(\begin{matrix} MP _ x = P _ x \\ MP _ y = P _ y \end{matrix}\)
CP x. MP x = P y. MP y
DP x P y = MP x. MP y
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Question 1872
jamb1991
The value of total output in the economy using the value added approach is
AN57.00
B37.00
C20.00
D15.00
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Question 1873
jamb1991
The long-run equilibrium price and quantity for the firm are respectively
AOP,OY
BOR,OZ
COR,OX
DOQ,OZ
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Question 1874
jamb1991
The excess profit made by the firm in the short-run is represented by
AORTZ
BOPVY
CORTW
DORSX
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Question 1875
jamb1991
Consider the table which shows output (o), total cost (TC)of production and marginal cost (MC) for a firm in a competitive market. Suppose price (P) = N 12, what is the maximum profit the firm can make ?
AN2000.00
B1 200.00
C1000.00
D400.00
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Question 1876
jamb1991
Demand is relatively inelastic
Aat P2 range
Bin the P2 P 4 price range
Cat P3 only
Dat any price below P2
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Question 1877
jamb1991
The firm portrayed is selling in
Aa purely competitive market
Ba market in which demand elastic at all prices
Can imperfectly competitive markket
Da market in which companies produce homogeneous commodities
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Question 1878
jamb1991
Consider the following diagram where XYZ represents the average curve of a firm. XY shows that as out put increases the average declines. However, this decline cannot continue indefinitely because
Amanagerial economies
Bindivisibilities
Cthe extent of the market
Dthe pooling of dissimilar risks
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Question 1879
jamb1991
A major obstacle to economic development is?
Aa rise in industrial output
Blow farm productivity
Cfree trade
Dineffective trade unions
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Question 1880
jamb1991
If W stands for wages/salaries, P for profit, R for interest and Z for rent on land real estate, then national income is?
