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Economics Past Questions and Answers

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Waec Economics Questions

Question 211:

The comparative cost of doctrine of international trade means specialization in production according to

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A Absolute cost advantage
B Absolute cost disadvantage
C Comparative cost disadvantage
D Comparative cost advantage
E The availability of labour

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Question 212:

The greater burden of the taxes on essential goods is borne by

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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

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Question 213:

A change in supply implies a

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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

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Question 214:

Which of the following will increase the GNP of an economy?

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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

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Question 215:

A market condition where profit is maximized when MR = AR = MC = P is known as

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A Monopoly
B Oligopoly
C Monopsony
D Perfect competition
E Duopoly

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