Waec 2021 Economics Past Questions And Answers
Separation of ownership of resources and their control is mostly found in a __________
- A. sole proprietorship
- B. partnership
- C. joint stock company
- D. consumer co-operative
Demand-pull inflation can be as a result of___________
- A. increase in the cost of production.
- B. excessive supply of foodstuff
- C. deficit financing by the government.
- D. increase in import duties
By passing the middlemen in the chain of distribution can lead to _________
- A. a problem of unemployment of labour
- B. the creation of artificial scarcity
- C. high prices of goods and services
- D. an increase in government tax revenue
The standard of living in two countries can be compared using the___________
- A. number of industries in each country
- B. size of their arms and ammunition
- C. size of their national incomes only
- D. gross national product per head
(a) Stale three characteristics of perfect competition,
(b) With the aid of diagrams, explain equilibrium positions of a perfectly competitive firm in the: (i) short-run: (ii) long-run
Two factors which can improve the efficiency of labour are_________
- A. population size and age of retirement
- B. school leaving age and number of disabled workers
- C. work environment and health status of workers
- D. school leaving age and number of part-time workers
Table 2 below show the unit prices and quantities of hats produced by a firm
Study it and answer the questions that follows
| Quantity | Unit Price (S) | Total Revenue (S) | Marginal Revenue (S) | Average Revenue (S) |
| 10 | 180 | 1800 | - | 180 |
| 20 | 150 | 3000 | 120 | X |
| 30 | U | 3600 | 60 | 120 |
| 40 | 100 | V | W | Y |
| 50 | 80 | 4000 | 0 | 80 |
| 60 | 60 | 3600 | 40 | 60 |
a) Compute the values of U, V, W, X and Y
b) In what type of market is the firm operating? Explain your answer
c) If the firm's marginal cost is $60.00 at all levels of output, at what level of output will it be in equilibrium? Explain your answer
d) If a total cos of $600,00 is incurred when 50 units of hats are produced. Determine the margin of profit or loss made.
e) What is another name for marginal cost?
Non-economic factors that influence the location of firms include ________
- A. the existence of required materials for production
- B. availability of population of buyers
- C. adequate supply of power, good road and rail network
- D. the activities of politicians in deciding location of firms
The supply of mangoes is represented as P=0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50?
- A. $1.50
- B. $15.00
- C. $150.03
- D. $166.67
A measure that can be adopted to correct a country 's balance of payments deficit is ____________
- A. Allow the currency to appreciate to encourage imports.
- B. Allow the currency to depreciate to encourage imports
- C. Adopt import substitution strategy
- D. Restrict trade with all countries