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Economics 2007 WAEC Past Questions

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16
which of the following is a characteristics of monopoly
  • A. many sellers
  • B. Homogenous commodity
  • C. a single seller
  • D. Perfect knowledge
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17
when a firm is nationalized ,
  • A. former owners are removed without compensation
  • B. it has the right o draw on state funds for capital investment
  • C. it must break even within a specific period
  • D. workers take control of the firm
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18
The practice whereby a business is owned by two or more independent firms is termed
  • A. indigenization
  • B. joint venture
  • C. commercialization
  • D. foreign investment
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19
The main objective of privatizing a government business is to
  • A. create additional employment
  • B. increase expenditure
  • C. source for new funds
  • D. increase the level of efficiency
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20
the return of investment that is just sufficient to satisfy the owner of a business is called?
  • A. economic profit
  • B. business profit
  • C. normal profit
  • D. excess profit
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