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Economics Past Questions

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4646

Trade protection will assit economic growth in developing countries if it can

  • A. allow the importation of cheaper goods people want
  • B. effectively safeguard newly established firms
  • C. eliminate importation of all commodities
  • D. generate enough revenue through export duties
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4647

A country is described as developing if

  • A. the income per head is low
  • B. the contribution of tertiary sector to national income is high
  • C. the population is decreasing
  • D. there is low labour supply
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4648

A joint stock company enjoys perpetual existence because

  • A. there is a higher degree of specialization
  • B. it is a corporate entity
  • C. it is formed by a minimum of seven members
  • D. its shares are easily
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4649

Which of the following is not a problem facing Economic Community of West African States (ECOWAS)?

  • A. Language barriers
  • B. Inadequate supply of labour
  • C. Production of the same commodities
  • D. Poor transportation and communication
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4650

a. The equilibrium position of a firm is illustrated in the diagram above. Study the diagram and answer the questions that follows:
i. equilibrium output level

ii. equilibrium price

b. At equilibrium output level, calculate the firm's

i. total cost

ii. total revenue

iii. total profit

c. At equilibrium output level, calculate the firm's
Is the firm operating is the long-run or short-run? Explain your answer.

d. At equilibrium output level, calculate the firm's

i. What type of market is the firm operating in?

ii. List three features of the market type identified in d(i)

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