Waec Economics 2006 Past Questions and Answers

Question 26:

• WAEC 2006

For a monopolist, the average revenue (AR) curve is

A. Above the total curve
B. The same as the marginal cost curve
C. Above the marginal revenue curve
D. The same as that of the perfect competitor

Question 27:

• WAEC 2006

advertising expenses would not be necessary under perfect competition because

A. Consumers would have complete knowledge of goods
B. Cost of production would be at the maximum level
C. Every firm would enjoy the benefits of large scale production
D. Income of the consumers in the community would be high

Question 28:

• WAEC 2006

The equilibrium level of output of a monopolist is determined at a point where

A. Marginal cost equals average revenue
B. Marginal cost equals acerage cost
C. Marginal cost equals marginal revenue
D. Marginal revenue equals average cost

Question 29:

• WAEC 2006

Which of the following is a legal tender in West Africa?

A. Treasury Bill
B. Share
C. Credit card
D. Currency

Question 30:

• WAEC 2006

The policy of government to increase the supply of money to meet its own expenditure plans is likely to be

A. Speculative
B. Deflationary
C. Inflationary
D. Contractionary