Waec Economics Past Questions and Answers

Question 86:

• WAEC 1989

Industry can simply be defined as

A. Many firms producing different products
B. A firm or firms producing similar goods and services
C. Different firms producing different goods
D. Different firms producing equal number of similar goods and services
E. Many firms producing unidentical goods and services

Question 87:

• WAEC 1989

The reward of a debenture holder of a public company is a fixed rate of

A. Interest
B. Return
C. Dividend
D. Rent
E. Allowance

Question 88:

• WAEC 1989

The downward sloping of the Average Revenue curve of the monopolist indicates that he

A. Can control both output and price
B. Can only break-even
C. Can control either the output or the price, but not both
D. Can’t control anything
E. Exploit the consumer

Question 89:

• WAEC 1989

which of the following hard currencies is usually used in the pricing of oil at the world market particularly by the Organization of Petroleum Exporting Countries (OPEC)? The

A. US dollar
B. Japanese Yen
C. Pound Sterling
D. Deutschemark
E. Naira

Question 90:

• WAEC 1989

What is devaluation? Under what conditions will devaluation improve a country's balance of payment position ?