Economics Past Questions And Answers
3201
(a) What is meant by production?
(b) Explain with examples, the following types of production
(i) Primary;
(ii) Secondary;
(iii) Tertiary.
View Discussion (0)WAEC 1998 THEORY3202
The reward to capital as a factor of production is
- A. rent
- B. wage
- C. interest
- D. commission
3203
If a 10% rise in price causes a 5% decrease in the quantity demanded of a commodity, the elasticity of demand is
- A. unitary elastic
- B. zero elastic
- C. elastic
- D. inelastic
3204
In the analysis of utility theory, the basis of demand is
- A. marginal utility
- B. average utility
- C. fixed utility
- D. diminishing utility
3205
The primary function of non-bank financial institutions is to
- A. manage investment portfolios for government
- B. mobilize savings for investment
- C. grant loans to banks
- D. receive deposits from banks
3206
Palm oil industry is located in Old Bendel State because the state______
- A. Land is suitable for oil
- B. Is a palm tree growing area
- C. Soil is unsuitable for other crops
- D. Imports raw materials for palm oil industry
3207
demand pull inflation is likely to be caused by?
- A. an increase in the cost of factors inputs
- B. increase in the income tax rate
- C. increase in bank lending rates
- D. increasingly large budget deficit
3208
Government imposes taxes mainly to
- A. punish the citizens
- B. provide social amenities
- C. donates to poorer countries
- D. execute white elephant projects
3209
A major consideration in locating a cement factory is the availability of
- A. skilled labour
- B. power
- C. infrastructural facilities
- D. limestone
3210
Outline the role of development banks In the economic development of West African countries.
View Discussion (0)WAEC 2005 THEORY