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Economics 2006 WAEC Past Questions

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46
In an attempt to correct a deficit balance of payment, a country may decide to increase
  • A. domestic production
  • B. imports
  • C. domestic expenditure
  • D. tax on infant industry
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47
which of the following is an objective of economic integration?
  • A. harmonization of cultural practises
  • B. free movement of persons, goods and services
  • C. payment of high tarrifs
  • D. dumpoing of goods in less developed countries
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48
one of the functions of of the international Monetary Fund (IMF) is to
  • A. devalue the currency of member state
  • B. reduce drastically the size of deficit financing of member states
  • C. giving financial assistance to member states that have temporary balance of payment difficulties
  • D. discourage the rapid industrialization process in the less developed nation of the world
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49
The full meaning of OPEC is
  • A. Oil ans Petroleum Exporting Countries
  • B. Original Petroleum Exporting Companies
  • C. Organization of Petrol Exporting Countries
  • D. Organization of Petroleum Exporting Countries
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50

Given that the prices and quantities supplied per period of time in litres of gasoline is expressed as Qs = 25 + 0.25 P, Where Qs is quantity supplied, P is price 

(a) Determine the quantity supplied when price per litre is (i) 0 Naira (it) 24 Naira (iii) 40 Naira (iv) 60 Naira (v) 80 Naira

(b) From your calculations in (a)(i) present the supply schedule (ii) draw the supply curve.

 

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