Waec Economics Past Questions and Answers

Question 351:

• WAEC 1995

A point along a consumer's indifference curve shows

A. The difference commodities he can consume
B. A combination of all commodities he is willing to buy
C. A combination of two commodities from which he derive the same satisfaction
D. The quantity of commodities demanded by him
E. The difference between quantity supplied and quantity demanded

Question 352:

• WAEC 1995

If a monopolist is attempting to maximize profit , which of the following should he attempt to do?

A. Equate average cost to average revenue
B. Equate marginal cost to marginal revenue
C. Equate marginal cost to average revenue
D. Fix price and output
E. Equate price to total cost

Question 353:

• WAEC 1995

The greatest foreign exchange earner for Nigeria before the advent of petroleum was

A. Mining
B. Handicraft
C. Agriculture
D. Manufacturing
E. Tourism

Question 354:

• WAEC 1995

A budget is define as a

A. Summary of expected expenditure by individuals and government
B. Summary of expected income
C. Record of value of services rendered in a year
D. Record of goods produced in a year
E. Summary of expected income and expenditure

Question 355:

• WAEC 1995

The real value of money is

A. Its face value
B. What it can buy ata a particular time
C. Its rate of exchange with other currencies
D. Its intrinsic worth
E. Its rate of circulation