Economics Past Questions And Answers
2271
A budget is balance when expected total revenue is
- A. greater than expected expected expenditure
- B. less than total expenditure
- C. equal to expected expenditure
- D. greater than total expenditure
2272
what are inferior goods? These are goods
- A. that are generally in short supply
- B. that are no longer in demand
- C. whose demand falls as income increase
- D. whose price falls as demand increases
2273
Separation of ownership of resources and their control is mostly found in a __________
- A. sole proprietorship
- B. partnership
- C. joint stock company
- D. consumer co-operative
2274
(a) Distinguish between a:
→mortgage bank and a merchant bank
→commercial bank and a development bank
(b) Explain any four functions of commercial banks
View Discussion (0)WAEC 2022 THEORY2275
which of the following is a threat to the existence of middlemen
- A. consumers cooperative society
- B. producers cooperative society
- C. sales agents
- D. large scale producers
2276
A price index as a statistic, measures
- A. how the value of money changes over time
- B. the volume of currency in the economy
- C. the exchange rate of a country's currency
- D. the composition of goods and services
2277
When the importation of a commodity is limited to a definite quantity, the trade control means used is known as
- A. exchange control
- B. tax relief
- C. devaluation
- D. quotas
2278
The slope of a supply curve is
- A. horizontal
- B. uniform
- C. positive
- D. vertical
2279
One of the criticisms of population increase is that it result in
- A. a rise in people's standard of living
- B. low level of illiteracy
- C. low level of taxation
- D. increase in government expenditure
2280
The shape of the average cost (AC) shows that as production increases
- A. total cost decreases
- B. average cost decreases and then increases
- C. average cost Increases
- D. marginal cost steadily increase