1999 - WAEC Economics Past Questions and Answers - page 2
11
The benefits that result from concentrating similar firms in an area is referred to as
A
external diseconomies of scales
B
internal diseconomies of scales
C
internal economies of scales
D
external economies of scales
correct option: d
Users' Answers & Comments12
Per capita income in any West African country is measured by
A
dividing the GNP by total population
B
adding the total savings to the GNP
C
multiplying the GNP by the total population
D
subtracting the GNP fron the GDP
correct option: a
Users' Answers & Comments13
A priority rating of aggregate individuals wants is called
A
Scarcity
B
choice
C
A scale of preference
D
opportunity cost
correct option: c
Users' Answers & Comments14
Profits can be calculated by
A
subtracting total cost from total revenue
B
subtracting average revenue from total cost
C
dividing total revenue from total output
D
dividing marginal revenue by marginal cost
correct option: a
Users' Answers & Comments15
The marginal revenue curve of a monopolist is
A
upward sloping from the right to left
B
downward sloping from left to right
C
paralell to the quantity axis
D
downward sloping from right to left
correct option: d
Users' Answers & Comments16
when all factor inputs are doubled , the production possibly curve will
A
shift from left to right and return to its orignal position
B
shift from left to right
C
remain in its former position
D
shift from right to left
correct option: b
Users' Answers & Comments17
income elasticity of demand is measurement of the responsiveness of
A
price to change in income
B
quantity demanded to change in income
C
change in expenditure to change in income
D
change in expenditure to change in price of the commodity
correct option: b
Users' Answers & Comments18
The establishment of industries in rural areas will help to reduce
A
urban-rural migration
B
urban-urban migration
C
rural-urban migration
D
rural-rural migration
correct option: c
Users' Answers & Comments19
Government imposes taxes mainly to
A
punish the citizens
B
provide social amenities
C
donates to poorer countries
D
execute white elephant projects
correct option: b
Users' Answers & Comments20
In a perfect market price and quantity to be bought are determined by the
A
consumers and retailers
B
producers and wholesalers
C
forces of demand and supply
D
interest of government and producers
correct option: c
Users' Answers & Comments