Economics Past Questions And Answers
Which of the following can be used to measure the Gross National product in an open economy?
- A. C+I+G+(X+M)
- B. C+I+G+X
- C. C+I+G
- D. C+I+G+(X-M)
A good is said to be inferior if its demand?
- A. rises as it price rises
- B. falls as it price rises
- C. rises as it price falls
- D. is perfectly inelastic
The tendency for prices to rise while the value of money fall is known as
- A. bills of exchange
- B. inflation
- C. depreciation
- D. deflation
The value of total output in the economy using the value added approach is
- A. N57.00
- B. 37.00
- C. 20.00
- D. 15.00
Disposable income is the income earned
- A. by the nationals of a country resident within the country
- B. from prouctive activities of nationals of a country both at home and abroad
- C. when personal income tax is deducted from personal income
- D. when the gross income of an individual is added to person income tax
(a) Define land as a factor of production.
(b) State three features of land.
(c) Explain four ways in which land contributes to the economic development of your country
View Discussion (0)WAEC 2017 THEORYTo the economist, efficiency of resource use means
- A. the maximum use of resource to achieve minimum objectives
- B. the reduction of cost for adequate output
- C. realting value of input to that of output
- D. maximizing output from a given amount of resource
which of the following will not increase the population of a country?
- A. an increase in birth rate
- B. a decrease in death rate
- C. better medical services
- D. Emigration
the movement of a worker from one grade to another within the same industry is a form of mobility of labour which is
- A. geographical
- B. vertical
- C. occupational
- D. horizontal
In order to maximize his profit, a businessman who faces a very elastic demand for his product is advised to?
- A. slightly increase the price of his product
- B. slightly reduce the price of his products
- C. leaves his price unchanged
- D. discriminate his prices