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Economics 1997 WAEC Past Questions

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31
which of the following is not true of a firm in equilibrium condition in perfect competition?
  • A. MC is rising
  • B. MC curves cuts AC curves from below
  • C. MR>AR
  • D. MC = AC
  • E. MR = AR
View Answer & Discuss WAEC 1997
32
Hoarding in distributive trade leads to
  • A. non-availabilty of commodities
  • B. production of inferior goods
  • C. increase in the supply of goods
  • D. decrease in the supply of goods
  • E. artificial scarcity of goods
View Answer & Discuss WAEC 1997
33
Hoarding in distributive trade leads to
  • A. non-availabilty of commodities
  • B. production of inferior goods
  • C. increase in the supply of goods
  • D. decrease in the supply of goods
  • E. artificial scarcity of goods
View Answer & Discuss (1) WAEC 1997
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34
If an economy grows at an annual rate of 6% of which 4% is deemed to be due to improvement in the productivity of labour and capital combined ,the remaining 2% is generally attributed to the
  • A. amount of natural resources
  • B. improvement in banking services
  • C. size of the population
  • D. quality of human resources
  • E. improvement in government fiscal policies
View Answer & Discuss WAEC 1997
35
when the government imposes a unit tax on a commodity with perfectly inelastic demand , the
  • A. tax is borne entirley by the seller
  • B. tax is shared equally between the buyer and the seller
  • C. seller bears 70% and the consumer bears 30% of the tax
  • D. tax is borne entirely by the consumer
  • E. tax is borne by nobody
View Answer & Discuss (1) WAEC 1997
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