Economics Past Questions And Answers
A form of tax that is mildly progressive and regressive is_______
- A. Proportional tax
- B. Progressive tax
- C. Regressive tax
- D. Digressive tax
Utility schedule
| Quantity of goods consumed | Total Utility | Marginal Utility |
| 0 | 0 | 0 |
| 1 | 10 | 10 |
| 2 | 16 | - |
| 3 | - | 4 |
| 4 | - | - |
| 5 | 23 | 1 |
| 6 | 23 | - |
(a) Complete the above utility schedule
(b) Draw the marginal utility curve
C(i) At what quantity does TU equal MU?
(II) What is the value of MU when TU reaches the maximum?
(iii) What happens to the values of TU as the quantity consumed increases?
(iv) What happens to the values of MU as the quantity consumed increases?
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A country embarks on deficit financing in order to
- A. increase revenue
- B. reduce aggregate demand
- C. curb inflation
- D. stimulate investment
The logical sequence of basic concepts in economics is
- A. Wants, scarcity, choice and opportunity cost
- B. Wants , choice, scarcity and opportunity cost
- C. Scarcity, wants , choice and scale of perference
- D. Scarcity, choice ,scale of preference and opportunity cost
(a) Explain with examples the terms competitive demand and complementary demand.
(b) With the aid of diagrams, analyse the effect of a decrease in the import duty on cars on the price and consumption of petrol.
when the quantity of a commodity supplied increases and the quantity demanded decreases , there will be
- A. a rise in price
- B. no change in price
- C. price fluctuation
- D. a fall in price
(a) What is deflation?
(b) Outline any three positive effects of deflation.
(c) Explain the ways by which inflation affects any three functions of money.
View Discussion (0)WAEC 2015 THEORYThe system of agriculture practice which involves hunting, gathering and growing of food crops for family consumption only is described as?
- A. peasant agriculture
- B. plantation agriculture
- C. co-operative farming
- D. subsistence farming
The basic economic problems of the society include?
- A. what to produce, how and for whom
- B. how to produce and sell
- C. scarcity, when to produce and how
- D. scarcity, for whom to produce and where
A commodity will be demanded only if
- A. consumers income increases
- B. it has no close substitutes
- C. the price is low
- D. it has utility