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Economics Past Questions and Answers

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Waec Economics Questions

Question 341:

Credit creation by banks is limited by

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A An increase in bank deposits
B The establishment of specialized banks
C The non-availability of clllateral security
D The use of cheques for all transactions of the banks
E Abolishing the reverse ratio

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Question 342:

Which of the following explains marginal cost?

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A Overhead cost plus variable cost resulting from production
B The average cost of producing more units of the products
C The extra cost of producing more units of products
D Overhead cost minus variable cost
E The additional to total cost resulting from the production of an additional unit

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Question 343:

The effect of an increase in price on the demand for a commodity with elastic demand will be

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A An increase in the demand for the commodity
B A decrease in the demand for the commodity
C A further increase in the price of the commodity
D Reduction in the number of the distributors of the commodity
E A general increase in the cost of the production

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Question 344:

In perfect competition , the marginal cost curve intersects the average cost curve

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A From below at its lowest point
B From above at its lowest point
C From below before the lowest point
D At the zero point
E From below after the lower point

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Question 345:

Which of the following does not require the use of information from census?

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A Allocating central government revenue among states or regions
B Planning for development in the states of regions
C Demarcating constituencies for election in the states or regions
D Providing adequate social amenities and services in the states or regions
E Controlling geographical mobility of labour among the states or regions

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