Economics Past Questions And Answers
One of the factors which is likely to check the growth of public debts is?
- A. bridging the resources gap
- B. debt reputation
- C. debts rescheduling
- D. debt-equility swap
The Revenue Mobilization, Allocation and Fiscal Commission in Nigeria has the primary responsibility for
- A. maintaining the fiscal supremacy of the central government the fiscal supremacy of the central government
- B. evolving an acceptable wage for public servants
- C. evolving an acceptable revenue-sharing formula
- D. ensuring equity in the sharing of fiscal responsibilities
The value of money is best determined by
- A. input-output ratio
- B. the purchasing power
- C. the importance people attach to it
- D. economies of scale
An association of workers in a particular industry, firm or line of job is called
- A. Trade union
- B. Trade association
- C. Chamber of commerce
- D. Assembly of workers
The best way of combating demand-pull inflation is to
- A. increase income taxes
- B. reduce income taxes
- C. increase import duties
- D. increase salaries and wages
Mr Akpoti has meat and wants maize, while Mr, Adama has maize and wants meat.transation is possible because of
- A. bank deposit
- B. joint demand
- C. scale of preference
- D. double coincidence of wants
In order to increase revenue, the seller of a commodity whose demand is fairly elastic is advised to
- A. increase price
- B. reduce output
- C. reduce price
- D. retain price
In a capitalist economy, resources are
- A. collectively owned
- B. jointly owned
- C. privately owned
- D. communally owned
(a) Distinguish between economic activities and an economic system. [5 marks]
(b) Explain the following terms:
(i) production; [5 marks]
(ii) distribution; [5 marks]
(iii) consumption15 marks]
View Discussion (0)WAEC 2012 THEORYPrice elasticity supply measures the responsiveness of quantity supplied to
- A. change in suppliers' income
- B. change in price of otther commodities
- C. a change in the rpice of the commodities
- D. a change in the demand for the products