1997 - WAEC Economics Past Questions and Answers - page 4
31
which of the following is not true of a firm in equilibrium condition in perfect competition?
A
MC is rising
B
MC curves cuts AC curves from below
C
MR>AR
D
MC = AC
correct option: c
Users' Answers & Comments32
Hoarding in distributive trade leads to
A
non-availabilty of commodities
B
production of inferior goods
C
increase in the supply of goods
D
decrease in the supply of goods
correct option: e
Users' Answers & Comments33
Hoarding in distributive trade leads to
A
non-availabilty of commodities
B
production of inferior goods
C
increase in the supply of goods
D
decrease in the supply of goods
correct option: e
Users' Answers & Comments34
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
A
amount of natural resources
B
improvement in banking services
C
size of the population
D
quality of human resources
correct option: a
Users' Answers & Comments35
when the government imposes a unit tax on a commodity with perfectly inelastic demand , the
A
tax is borne entirley by the seller
B
tax is shared equally between the buyer and the seller
C
seller bears 70% and the consumer bears 30% of the tax
D
tax is borne entirely by the consumer
correct option: d
Users' Answers & Comments36
Free Trade means
A
producers are free to determine their prices
B
market forces are allowed to determine prices
C
non-restriction of international trade
D
goods are to be sold free of charge
correct option: c
Users' Answers & Comments37
In a public company , entrepreneural function are performed by the
A
workers
B
shareholders
C
creditors
D
board of directors
correct option: d
Users' Answers & Comments38
Term of trade is the
A
ratio of capital movement to export movements
B
ratio of import to short-term export
C
difference between export and import
D
ratio of short-term capital movement to long-term capital movements
correct option: e
Users' Answers & Comments39
Tariff can be define as a compulsory levy on
A
goods that are produced and consumed locally
B
foreign exchange earnings
C
imported but inferior goods
D
foreigners working in a country
correct option: e
Users' Answers & Comments40
international trade is different from internal trade because of the
A
manufactured goods involved
B
currency differentials
C
homogeinty of products
D
heterogeinty of products
correct option: b
Users' Answers & Comments