Waec Economics Past Questions and Answers

Question 211:

• WAEC 1992

The comparative cost of doctrine of international trade means specialization in production according to

A. Absolute cost advantage
B. Absolute cost disadvantage
C. Comparative cost disadvantage
D. Comparative cost advantage
E. The availability of labour

Question 212:

• WAEC 1992

The greater burden of the taxes on essential goods is borne by

A. The middle income group
B. High income group
C. Low income group
D. People between the middle and high income group
E. Few top rich people

Question 213:

• WAEC 1992

A change in supply implies a

A. Shift in the supply curve to the right and not to the left
B. Shift in supply curve to the left and not to the right
C. Shift in supply curve to the left or to the right
D. Movement along the supply curve
E. Decrease in price and quantity supplied

Question 214:

• WAEC 1992

Which of the following will increase the GNP of an economy?

A. Increase government expenditure on the salary of the civil serants
B. An increase in the proportion of the productively employed population
C. A decrease in the rate of unemployment
D. A decrease in the output per worker
E. An increase in the population dependency ratio

Question 215:

• WAEC 1992

A market condition where profit is maximized when MR = AR = MC = P is known as

A. Monopoly
B. Oligopoly
C. Monopsony
D. Perfect competition
E. Duopoly