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Economics Past Questions and Answers

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Waec Economics Questions

Question 351:

A point along a consumer's indifference curve shows

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A The difference commodities he can consume
B A combination of all commodities he is willing to buy
C A combination of two commodities from which he derive the same satisfaction
D The quantity of commodities demanded by him
E The difference between quantity supplied and quantity demanded

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Question 352:

If a monopolist is attempting to maximize profit , which of the following should he attempt to do?

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A Equate average cost to average revenue
B Equate marginal cost to marginal revenue
C Equate marginal cost to average revenue
D Fix price and output
E Equate price to total cost

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Question 353:

The greatest foreign exchange earner for Nigeria before the advent of petroleum was

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A Mining
B Handicraft
C Agriculture
D Manufacturing
E Tourism

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Question 354:

A budget is define as a

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A Summary of expected expenditure by individuals and government
B Summary of expected income
C Record of value of services rendered in a year
D Record of goods produced in a year
E Summary of expected income and expenditure

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Question 355:

The real value of money is

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A Its face value
B What it can buy ata a particular time
C Its rate of exchange with other currencies
D Its intrinsic worth
E Its rate of circulation

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