Economics Past Questions And Answers
The extract from a country's balance of payments account is shown below
| Item | Imports ($ million) | Export ($) |
| Agricultural products | - | 200 |
| Mineral products | - | 300 |
| Consumer goods | 250 | - |
| Capital goods | 400 | - |
| Insurance | 50 | 25 |
| banking | 75 | 30 |
| Transportation | 85 | 25 |
| Loans | 150 | 60 |
Using the table above, calculate the:
(a) balance of trade
(b) invisible trade balance
(c) balance on current account
View Discussion (0)WAEC 2019 THEORYWhy do governments impose taxes?
View Discussion (0)WAEC 2000 THEORYStatutory organisations usually established by Acts of Parliament are called
- A. public corporations
- B. cooperative societies
- C. joint-stock companies
- D. public enterprises
If the co-efficient of elasticity of demand is 1.5, then the demand is
- A. fairly inelastic
- B. perfectly elastic
- C. elastic
- D. inelastic
A movement along the demand curve for some goods may be caused by a change in
- A. consumer income
- B. the price of goods
- C. consumers taste
- D. the price of other goods
If the quantity demanded of a commodity increases from 20 units to 30 units when there is an increase in price from $4.00 to $5.00, the elasticity of demand is
- A. 0.50
- B. 0.65
- C. 2.00
- D. 2.50
The main item traded on a stock exchange market is
- A. treasury bills
- B. travellers cheque
- C. foreign currencies
- D. new shares
If Mr. A earns N2.000 a year while Mr. B earns N8000 but Mr. A pays N200 in tax per annum while Mr. B pays N400, such tax is_______
- A. Progressive
- B. Proportional
- C. Indirect
- D. Regressive
A major obstacle to rapid agricultural development in Nigeria is the?
- A. ineffective use of crude implements
- B. inability of farmers to adopt modern technology
- C. introduction of the Green Revolution programme
- D. declining population growth rate
choice is necessitated by
- A. demand and supply
- B. cost of production
- C. production possibility curve
- D. scarcity of resources