1989 - WAEC Economics Past Questions and Answers - page 2
11
What is the correct term for this group of exports : tractor, televisions, components, drugs and cars?
A
Current account items
B
Visible exports
C
Capital accoutn items
D
Invisible exports
correct option: b
Users' Answers & Comments12
the indicator of the value of money in the market is the
A
the general price level
B
effective supply
C
the equilibrium price
D
effective demand
correct option: a
Users' Answers & Comments13
Mobility of labour is not affected by
A
the optimum size of population
B
marriage and family
C
the regulation of trade unions
D
the period of training
correct option: a
Users' Answers & Comments14
Given that fixed cost is N500.00, variable cost N1,500.00 and output is 50 units, what will be the average cost of producing one unit?
A
N2,000.00
B
N60.00
C
N50.00
D
N40.00
correct option: d
Users' Answers & Comments15
Which of the following is regarded as fixed cost?
A
cost of raw material
B
cost of fuel
C
cost of light
D
rent on land
correct option: d
Users' Answers & Comments16
which of the following reasons explains the upward sloping of supply curve in a competitive market?
A
Ceteris paribus, marginal cost increase as output increases
B
As new firms enter the market, factor price moves up
C
Firms are in business to satisfy consumers
D
Marginal cost often increases in a competitive market
correct option: a
Users' Answers & Comments17
A firm is said to be a Public Joint-Stock Company when it
A
is owned by the government
B
operates as a public corporation
C
is a limited liability company
D
sells its shares to memebers of the public
correct option: d
Users' Answers & Comments18
which of the following factor is not important in deciding the location of an industry?
A
the native language of the epople
B
availabilty of suitable labour
C
Source of cheap power and raw materials
D
Proximity to the location of a similar industry
correct option: a
Users' Answers & Comments19
The clearing house of all commercial banks in Nigeria is the
A
General Post Office
B
Bnak forCommerce and Industry
C
Nigerian Industrial Development Bank
D
Mortgage Bank
correct option: e
Users' Answers & Comments20
One of the advantages of Sole Proprietor is that
A
risks are unlimited
B
technological progress is often out of reach
C
shares and stocks can be issued to raise funds
D
initiatives can be used in all cases
correct option: d
Users' Answers & Comments