2008 - WAEC Economics Past Questions and Answers - page 3
21
A market situation with a larger number of firms selling closely related but, differentiated products is
A
monopolistic competition
B
perfect competition
C
monopoly
D
monopsony
correct option: a
Users' Answers & Comments22
equilibrium under perfect competition requires that
A
MC = MR but AR < AC
B
MR = MC = AR = AC
C
AC = AR < MC
D
TR < TC
correct option: b
Users' Answers & Comments23
The purely competitive firm should close down when its price is less than its
A
average variable cost
B
total fixed cost
C
average total cost
D
marginal cost
correct option: a
Users' Answers & Comments24
During a sale by auction, the price at which the goods finally sold is determined mostly by
A
competition between buyers and sellers
B
competition among buyers
C
competition among sellers
D
government policy
correct option: b
Users' Answers & Comments25
which of the following does not affect a country's population?
A
birth rate
B
death rate
C
Emigration
D
unemployment
correct option: d
Users' Answers & Comments26
The trade unions in West Africa have achieved the following for the workers except
A
increased wages
B
better condition of services
C
competitive determination of wage rate
D
improved welfare facilities
correct option: c
Users' Answers & Comments27
The employer's demand curve for labour is represented by the
A
marginal product curve of labour
B
total product curve of labour
C
average product curve of labour
D
total cost curve of labour
correct option: a
Users' Answers & Comments28
agriculture plays a dominant role in our country because
A
it is the main source of energy
B
it employs more than 50% of the total labour force
C
it supplies all the industrial inputs
D
there are large plantations of cocoa, groundnut and palm oil
correct option: b
Users' Answers & Comments29
the main objective of specialization is to
A
allocate resources
B
limit worker's skills
C
increase the use of labour
D
increase productivity
correct option: d
Users' Answers & Comments30
industry can be define as
A
several firms producing different commodities
B
group of firms producing similar commodities
C
different firms producing equal number of commodities
D
many firms producing for exports
correct option: b
Users' Answers & Comments