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Economics 1989 WAEC Past Questions

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16
which of the following reasons explains the upward sloping of supply curve in a competitive market?
  • A. Ceteris paribus, marginal cost increase as output increases
  • B. As new firms enter the market, factor price moves up
  • C. Firms are in business to satisfy consumers
  • D. Marginal cost often increases in a competitive market
  • E. Firms are in business to produce goods
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17
A firm is said to be a Public Joint-Stock Company when it
  • A. is owned by the government
  • B. operates as a public corporation
  • C. is a limited liability company
  • D. sells its shares to memebers of the public
  • E. is administered by the public
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18
which of the following factor is not important in deciding the location of an industry?
  • A. the native language of the epople
  • B. availabilty of suitable labour
  • C. Source of cheap power and raw materials
  • D. Proximity to the location of a similar industry
  • E. proximity to the market
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19
The clearing house of all commercial banks in Nigeria is the
  • A. General Post Office
  • B. Bnak forCommerce and Industry
  • C. Nigerian Industrial Development Bank
  • D. Mortgage Bank
  • E. Central Bnak
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20
One of the advantages of Sole Proprietor is that
  • A. risks are unlimited
  • B. technological progress is often out of reach
  • C. shares and stocks can be issued to raise funds
  • D. initiatives can be used in all cases
  • E. it folds up in the case of death, lunacy or insolvency
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