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Economics 1995 WAEC Past Questions

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36
Which of the following is not an objective of the Indigenisaton policy in Nigeria? To
  • A. Make Nigerians dominate their economy
  • B. increase Nigerians participation in the economy
  • C. prevent foreign monopoly of the economy
  • D. eliminate foreign participation in the Nigerian economy
  • E. protect the national interst and security
View Answer & Discuss (1) WAEC 1995
37
Where was oil first discovered in commercial quantities in Nigeria?
  • A. Oloibiri
  • B. Warri
  • C. Elesa Eleme
  • D. Onitsha
  • E. Port Harcourt
View Answer & Discuss WAEC 1995
38
Where is the headquarter of the African Development Bank (ADB) located?
  • A. Lome
  • B. Adis Ababa
  • C. Accra
  • D. Lagos
  • E. Abdijan
View Answer & Discuss WAEC 1995
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39
International trade takes place because of difference in
  • A. production cost
  • B. language
  • C. government policy
  • D. currency
  • E. international boundary
View Answer & Discuss WAEC 1995
40

 Table of Input and Output;

Variable units of labour Fixed Assets (Hecteres of Land) Total Product (kg) Average Product (kg) Marginal product (kg)
1 3 8 8 -
2 3 18 9 10
3 3 36 P 18
4 3 48 12 12
5 3 55 11 7
6 3 60 Q 5
7 3 60 8.6 S
8 3 56 7 T

Use the table to answer the following questions:
(a) Complete table by calculating the missing figures P, Q, R, S, T.
(b) Draw the Total Product (TP) and Marginal Product (MP) curve in one diagram. (No graph sheet is required).
(c) Explain the relationship between TP and MP. 

View Answer & Discuss (2) WAEC 1995
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