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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
1696
Under the socialist economy , the decision on what to produce is determined by the
  • A. producer
  • B. level of expected profit
  • C. price
  • D. Government
  • E. preference of consumers
View Answer & Discuss WAEC 1995
1697
Credit creation by banks is limited by
  • A. an increase in bank deposits
  • B. the establishment of specialized banks
  • C. the non-availability of clllateral security
  • D. the use of cheques for all transactions of the banks
  • E. abolishing the reverse ratio
View Answer & Discuss WAEC 1995
1698
Which of the following explains marginal cost?
  • A. Overhead cost plus variable cost resulting from production
  • B. the average cost of producing more units of the products
  • C. The extra cost of producing more units of products
  • D. Overhead cost minus variable cost
  • E. The additional to total cost resulting from the production of an additional unit
View Answer & Discuss WAEC 1995
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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1699
The effect of an increase in price on the demand for a commodity with elastic demand will be
  • A. an increase in the demand for the commodity
  • B. a decrease in the demand for the commodity
  • C. a further increase in the price of the commodity
  • D. reduction in the number of the distributors of the commodity
  • E. a general increase in the cost of the production
View Answer & Discuss WAEC 1995
1700
In perfect competition , the marginal cost curve intersects the average cost curve
  • A. from below at its lowest point
  • B. from above at its lowest point
  • C. from below before the lowest point
  • D. at the zero point
  • E. from below after the lower point
View Answer & Discuss WAEC 1995
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