Waec Economics 1995 Past Questions and Answers

Question 26:

• WAEC 1995

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

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

Question 27:

• WAEC 1995

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

A. Mining
B. Handicraft
C. Agriculture
D. Manufacturing
E. Tourism

Question 28:

• WAEC 1995

A budget is define as a

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

Question 29:

• WAEC 1995

The real value of money is

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

Question 30:

• WAEC 1995

A tax whose rate increases as income increases is

A. An indirect tax
B. A progressive tax
C. A regressive tax
D. A direct tax
E. A proportional tax