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Economics 2006 WAEC Past Questions

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26
advertising expenses would not be necessary under perfect competition because
  • A. consumers would have complete knowledge of goods
  • B. cost of production would be at the maximum level
  • C. every firm would enjoy the benefits of large scale production
  • D. income of the consumers in the community would be high
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27
The equilibrium level of output of a monopolist is determined at a point where
  • A. marginal cost equals average revenue
  • B. marginal cost equals acerage cost
  • C. marginal cost equals marginal revenue
  • D. marginal revenue equals average cost
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28
Which of the following is a legal tender in West Africa?
  • A. Treasury Bill
  • B. Share
  • C. Credit card
  • D. Currency
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29
The policy of government to increase the supply of money to meet its own expenditure plans is likely to be
  • A. speculative
  • B. deflationary
  • C. inflationary
  • D. contractionary
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30
The tendency for prices to rise while the value of money fall is known as
  • A. bills of exchange
  • B. inflation
  • C. depreciation
  • D. deflation
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