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.
The distribution of goods by the price system is distorted when
Athere is a high degree of competition among producers
Bproducers and consumers operate freely
Cfactors of production are mobile
Dno aalowance is made for social costs and social benefits
Ethere is price control measure in the system
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Question 12
waec1998
In a joint-stock company the shareholders are the
Aowners
Bmanagers
Cchief executives
Dcompany advisers
Eday-to-day decision makers
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Question 13
waec1998
which of the following is not a type of industry?
Aexport
Bconstruction
CMining
DManufacturing
ETransport
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Question 14
waec1998
one of the advantages of localization of industry is that firms
Amake abnormal profits
Bare given tax holidays
Care unified under one management
Dpay high wages
Ecan have a large pool of skilled labours
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Question 15
waec1998
The shape of the average cost (AC) shows that as production increases
Atotal cost decreases
Baverage cost decreases and then increases
Caverage cost increaeses
Dmarginal cost steadily increase
Etotal cost remains constant
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Question 16
waec1998
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 17
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 18
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 19
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 20
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 21
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 22
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 23
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 24
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 25
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 26
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 27
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 28
jamb1998
In the diagram above, profit is maximized at 1 he output level
AON
BOK
COL
DOF
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Question 29
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 30
jamb1998
The shaded triangle in the diagram above is known as
