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 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 674
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 675
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 676
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 677
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 678
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 679
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 680
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 681
waec1997
which of the following is not a visible item in international trade payments?
Apayments for imported cars
Breceits from cocoa exports
Creceipts from oil exports
Dpayments for steel imports
Epayments to foreign shipping companies
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Question 682
waec1997
international trade is different from internal trade because of the
Amanufactured goods involved
Bcurrency differentials
Chomogeinty of products
Dheterogeinty of products
Euniformity of prices
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Question 683
waec1997
Tariff can be define as a compulsory levy on
Agoods that are produced and consumed locally
Bforeign exchange earnings
Cimported but inferior goods
Dforeigners working in a country
Eimports and exports
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Question 684
waec1997
Term of trade is the
Aratio of capital movement to export movements
Bratio of import to short-term export
Cdifference between export and import
Dratio of short-term capital movement to long-term capital movements
Eratio of index of export prices to index of import prices
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Question 685
waec1997
In a public company , entrepreneural function are performed by the
Aworkers
Bshareholders
Ccreditors
Dboard of directors
Echairman
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Question 686
waec1997
Free Trade means
Aproducers are free to determine their prices
Bmarket forces are allowed to determine prices
Cnon-restriction of international trade
Dgoods are to be sold free of charge
Epeople are free to buy in foreign countries
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Question 687
waec1997
when the government imposes a unit tax on a commodity with perfectly inelastic demand , the
Atax is borne entirley by the seller
Btax is shared equally between the buyer and the seller
Cseller bears 70% and the consumer bears 30% of the tax
Dtax is borne entirely by the consumer
Etax is borne by nobody
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Question 688
waec1997
If an economy grows at an annual rate of 6% of which 4% is deemed to be due to improvement in the productivity of labour and capital combined ,the remaining 2% is generally attributed to the
