Economics Past Questions And Answers
1121
The population of a country in a certain year was fifty million and her per capita income was $2,050. What was the national income?
- A. $750,000 million
- B. $100,250 million
- C. $102,500 million
- D. $125,050 million
1122
Highlight the causes of Balance of payments deficits in your country.
View Discussion (0)WAEC 1999 THEORY1123
Derived demand is normally used with reference to
- A. superior goods
- B. inferior goods
- C. the cost of production
- D. the factors of production
1124
What is the effect of inelastic demand for agricultural products on the income of a farmer?
- A. A price rise results in its fall
- B. A price fall results in its fall
- C. A price fall results in its rise
- D. A price rise leaves the income unchanged
1125
What is meant by labour supply?
- A. Number of people in working population
- B. Number of men and hours they work
- C. Number of hours during which the middle aged persons work
- D. Number of workforce multiplied by the hours they work
1126
Increase in supply due to changes in plant size will take place only in the
- A. normal time
- B. long run
- C. market period
- D. short run
1127
In a centrally planned economy, what to produce is
- A. determined by the forces of demand and supply
- B. driven by profit motive
- C. determined by consumers
- D. the responsibility of state's bureaucrats
1128
(a) What is a customs union?
(b) State three advantages and two disadvantages of a customs union.
View Discussion (0)WAEC 1999 THEORY1129
All pairs of quantities from which a consumer derives equal satisfaction can be plotted on__________?
- A. An indifference curve
- B. An exceptional demand curve
- C. A budget line
- D. An isoquant map
1130
Liquidity preference refers to the?
- A. needs to borrow money for short periods to meet some temporary crises
- B. wish to hold more funds for precautionary purpose
- C. need to increase the money supply in order to lower the interest rate
- D. demand to hold money as assets rather than as stocks