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 is not true of a firm in equilibrium condition in perfect competition?
AMC is rising
BMC curves cuts AC curves from below
CMR>AR
DMC = AC
EMR = AR
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Question 682
waec1997
The outward shift to the production possibility curve could be due to
Amilitary conquest
Bincreased money supply
Cinflation
Deconomic growth
Emassive importation
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Question 683
waec1997
The developments banks are essentially different from commercial banks because they
Amedium and long term loans
Bopen current accounts for their customers
Cdiscount bills of exchange
Dare lenders of last resort
Ecarry out open market operations
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Question 684
waec1997
all the following are different forms of money except
Abank notes
Bdemand deposits
Ccoins
Dcurrency
Ebank sellers
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Question 685
waec1997
the foregone alternative in Economics is simply the
Amarginal cost
Bcost of foreign products
Ctotal cost
Dopportunity cost
Eaverage cost
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Question 686
waec1997
The indigenisation policy in Nigeria is aimed at
Anationalising foreign businesses
Balternating foreign investors
Ccommandeering foreign businesses in Nigeria
Dexpelling foreign investors and taking over their investment
Eincreasing equity participation and control by Nigerians
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Question 687
waec1997
The largest employment sector in a typical West African country is
Aconstruction
Btransportation
Cpetroleum
Dagriculture
Emanufacturing
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Question 688
waec1997
Division of labour leads to
Aemployment of everybody
Bdecrease in output
Cmonotony of work
Dincrease of time in workshops
Eincrease of time in learning a trade
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Question 689
waec1997
which of the following is a function of commercial banks?
Aissuing currencies
Baccepts deposits
CAre the bankers' bank
DDetermine the rate of interest
Eincrease of time in learning a trade
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Question 690
waec1997
inflation caused by increase in demand can be curbed by
Aexporting more goods and services
Bhoarding of goods
Cincreasing the level of output
Dincreasing the level of money supply
Ereducing importation
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Question 691
waec1997
one of the instruments of protection of infants industries is the
Aprice control board
Bopen market operation
Ctarrif
DGDP-deflator
Emultiplier
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Question 692
waec1997
the actual output of an economy is the output
Awhich would exist if al resources were fully employed
Bproduced by currently employed labour capital and land
Cproduced in the consumer goods sector
Dproduced in the capital goods sector
Eproduced by agriculture sector
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Question 693
waec1997
which of the following will not increase the population of a country?
Aan increase in birth rate
Ba decrease in death rate
Cbetter medical services
Dimmigration
EEmigration
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Question 694
waec1997
The situation whereby government revenue is less than government expenditure is referred to as
Abudget deficit
Bbalanced budget
Cbudget surplus
Dbudget statement
Eunfavourable budget
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Question 695
waec1997
a stock exchange is a market that
Adeals with the exchange of commodities
Bdeals with purchase and sales of securities
Cexchanges stockfish for lady fish
Dexchanges treasury bills for bills of exchange
Esells foreign exchange
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Question 696
waec1997
If the price of product K declines , the demand curve for the complementary product J will
Aremain unchanged
Bshift to the right
Cdecrease
Dshift to the left
Eslopes upwards
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Question 697
waec1997
for two commodities A and B, MA and MB are the respective marginal utilities while PA and PB are the respective prices. Marginal utilities of the commodities are maximized when
AMA/PA = MB/PB
BMA/PA > MB/PB
CMA/PA < MB/PB
DPA/MA < PB/MB
EPA/MA > PB/MB
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Question 698
waec1997
In the long-run, potential GNP is variable because. I technological change takes place II the quantity of labour and capital is not fixed III. unemployment is not constant
AI only
BII only
CI and II only
DI and III only
EIII only
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Question 699
waec1997
when the death rate for old people and the infant mortality rate are high , with no migration , there will be in the population a higher number of
Ayounger people in the population
Bchildren in the population
Cold people in the population
Dwomen in the population
Emen in the population
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Question 700
waec1997
The optimum population of a country is reached when the
Aproduction of goodsand sevices is less than optimum
Boutput per head is at its highest with a given volume of resources
Ctotal production increases with a given volume of resources
Dnational resources increases as population increases
