Economics Past Questions And Answers
Economic development is reflected in the
- A. scarcity of capital
- B. increase in the price level
- C. decline in the agricultural production
- D. increase in productive capacity
If the price of a commodity falls and the quantity purchased does not rise, the commodity can be described as________
- A. Scarce
- B. Normal
- C. Superior.
- D. Inferior
The money payment made to owners of land and labour are
- A. rent and wages
- B. interst and profits
- C. wages and interest
- D. didvidends and salary
The value of money is determined by the
- A. rate of interest
- B. general price level
- C. quantity of money in circulation
- D. level of economic development
A condition for consumer utility maximization is
- A. equality of the ratio of marginal utilities and the ratio of prices
- B. equality of the ratio of average utilities and the ratio of prices
- C. equality of the marginal utility to total utility ratio for both commodities
- D. total utility and marginal utility must be zero
An increase in demand without a corresponding change in supply will lead to
- A. a decrease in equilirium price and increase in equilibrium quantity
- B. an increase in equilibrium price and quantity
- C. a decrease in equilibrium price and quantity
- D. an increase in equilibrium price and a decrease in equilibrium quantity
If an economy grows at an annual rate of 6% of which 4% is deemed to be due to improvement in the productivity of labour and capital combined ,the remaining 2% is generally attributed to the
- A. amount of natural resources
- B. improvement in banking services
- C. size of the population
- D. quality of human resources
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
(a) What is a tax?
(b) Distinguish between tax evasion and tax avoidance.
(c) Identify any four benefits of tariffs.
View Discussion (0)WAEC 2018 THEORYAn entirely domestic effort directed at improving agricultural production in Nigeria is the?
- A. Agricultural Development Programme
- B. Agro-industrial Development Scheme
- C. Food and Agricultural Organization
- D. National Land Development Authority