Waec Economics 1997 Past Questions and Answers

Question 31:

• WAEC 1997

The outward shift to the production possibility curve could be due to

A. Military conquest
B. Increased money supply
C. Inflation
D. Economic growth
E. Massive importation

Question 32:

• WAEC 1997

which of the following is not true of a firm in equilibrium condition in perfect competition?

A. MC is rising
B. MC curves cuts AC curves from below
C. MR>AR
D. MC = AC
E. MR = AR

Question 33:

• WAEC 1997

Hoarding in distributive trade leads to

A. Non-availabilty of commodities
B. Production of inferior goods
C. Increase in the supply of goods
D. Decrease in the supply of goods
E. Artificial scarcity of goods

Question 34:

• WAEC 1997

Hoarding in distributive trade leads to

A. Non-availabilty of commodities
B. Production of inferior goods
C. Increase in the supply of goods
D. Decrease in the supply of goods
E. Artificial scarcity of goods

Question 35:

• WAEC 1997

If an economy grows at an annual rate of 6% of which 4% is deemed to be due to improvement in the productivity of labour and capital combined ,the remaining 2% is generally attributed to the

A. Amount of natural resources
B. Improvement in banking services
C. Size of the population
D. Quality of human resources
E. Improvement in government fiscal policies