Waec Economics Past Questions and Answers

Question 486:

• WAEC 1999

Per capita income in any West African country is measured by

A. Dividing the GNP by total population
B. Adding the total savings to the GNP
C. Multiplying the GNP by the total population
D. Subtracting the GNP fron the GDP

Question 487:

• WAEC 1999

A priority rating of aggregate individuals wants is called

A. Scarcity
B. Choice
C. A scale of preference
D. Opportunity cost

Question 488:

• WAEC 1999

Profits can be calculated by

A. Subtracting total cost from total revenue
B. Subtracting average revenue from total cost
C. Dividing total revenue from total output
D. Dividing marginal revenue by marginal cost

Question 489:

• WAEC 1999

The marginal revenue curve of a monopolist is

A. Upward sloping from the right to left
B. Downward sloping from left to right
C. Paralell to the quantity axis
D. Downward sloping from right to left

Question 490:

• WAEC 1999

when all factor inputs are doubled , the production possibly curve will

A. Shift from left to right and return to its orignal position
B. Shift from left to right
C. Remain in its former position
D. Shift from right to left