Waec Economics Past Questions and Answers

Question 341:

• WAEC 1995

Credit creation by banks is limited by

A. An increase in bank deposits
B. The establishment of specialized banks
C. The non-availability of clllateral security
D. The use of cheques for all transactions of the banks
E. Abolishing the reverse ratio

Question 342:

• WAEC 1995

Which of the following explains marginal cost?

A. Overhead cost plus variable cost resulting from production
B. The average cost of producing more units of the products
C. The extra cost of producing more units of products
D. Overhead cost minus variable cost
E. The additional to total cost resulting from the production of an additional unit

Question 343:

• WAEC 1995

The effect of an increase in price on the demand for a commodity with elastic demand will be

A. An increase in the demand for the commodity
B. A decrease in the demand for the commodity
C. A further increase in the price of the commodity
D. Reduction in the number of the distributors of the commodity
E. A general increase in the cost of the production

Question 344:

• WAEC 1995

In perfect competition , the marginal cost curve intersects the average cost curve

A. From below at its lowest point
B. From above at its lowest point
C. From below before the lowest point
D. At the zero point
E. From below after the lower point

Question 345:

• WAEC 1995

Which of the following does not require the use of information from census?

A. Allocating central government revenue among states or regions
B. Planning for development in the states of regions
C. Demarcating constituencies for election in the states or regions
D. Providing adequate social amenities and services in the states or regions
E. Controlling geographical mobility of labour among the states or regions