2011 - WAEC Economics Past Questions and Answers - page 3
21
in which of the following markets does a firm have power to make super normal profits both in the short run and long run?
A
Monopoly
B
Duopoly
C
Oligopoly
D
Monopsony
correct option: a
Users' Answers & Comments22
if there are no barriers to entering a market, it means that
A
anyone can become a buyer or a seller
B
unwanted goods can always enter the market
C
the market becomes a dumping ground
D
the goods are not inspected
correct option: a
Users' Answers & Comments23
A firm's main aim is to
A
survive the business
B
maximize profits
C
increase its market share
D
satisfy the ambition of its managers
correct option: b
Users' Answers & Comments24
one good reason for the elimination of middle men is that they
A
cause increase in price
B
help in price stability
C
grade and blend goods
D
are too many
correct option: a
Users' Answers & Comments25
The increase in population growth in big cities is referred to as
A
settlement
B
migration
C
industrialization
D
urbanization
correct option: d
Users' Answers & Comments26
Frictional unemployment can be reduced by
A
encouraging the use of restaining schemes
B
removing barriers to labour mobility
C
restricting the introduction of new technology
D
lowering the level of wages paid to young people
correct option: a
Users' Answers & Comments27
if the labour force of a country is 2.5 million and 2 million are employed , what is the unemployment rate?
A
0.2%
B
20%
C
200%
D
250%
correct option: b
Users' Answers & Comments28
the grouping of the population according to the economic activities people engage in is
A
age distribution
B
sex distribution
C
geographical distribution
D
occupational distribution
correct option: d
Users' Answers & Comments29
Natural growth rate of population can be defined as the
A
difference between birth rate and death rate
B
number of births in a year
C
increase in the population growth in a year
D
difference between the total population and the death rate
correct option: a
Users' Answers & Comments30
which of the following is not a consequence of increased unemployment?
A
a fall in tax revenue for the government
B
a reduction in trade union's influence
C
a fall in death rate
D
an increase in the labour force
correct option: c
Users' Answers & Comments