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Economics WAEC Past Questions

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171
The comparative cost of doctrine of international trade means specialization in production according to
  • A. absolute cost advantage
  • B. absolute cost disadvantage
  • C. comparative cost disadvantage
  • D. comparative cost advantage
  • E. the availability of labour
View Answer & Discuss WAEC 1992
172
The greater burden of the taxes on essential goods is borne by
  • A. the middle income group
  • B. high income group
  • C. low income group
  • D. people between the middle and high income group
  • E. few top rich people
View Answer & Discuss WAEC 1992
173
A change in supply implies a
  • A. shift in the supply curve to the right and not to the left
  • B. shift in supply curve to the left and not to the right
  • C. shift in supply curve to the left or to the right
  • D. movement along the supply curve
  • E. decrease in price and quantity supplied
View Answer & Discuss (1) WAEC 1992
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174
Which of the following will increase the GNP of an economy?
  • A. increase government expenditure on the salary of the civil serants
  • B. An increase in the proportion of the productively employed population
  • C. a decrease in the rate of unemployment
  • D. A decrease in the output per worker
  • E. An increase in the population dependency ratio
View Answer & Discuss WAEC 1992
175
A market condition where profit is maximized when MR = AR = MC = P is known as
  • A. monopoly
  • B. oligopoly
  • C. monopsony
  • D. perfect competition
  • E. duopoly
View Answer & Discuss WAEC 1992
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