Economics Past Questions And Answers
Taxes and government expenditures are instrument of?
- A. monetary policy
- B. tax policy
- C. economic policy
- D. fiscal policy
The main concern of economists is to
- A. allocate scarce resouces to satisfy human wants
- B. satisfy all human wants
- C. redistribute income between the rich and the poor
- D. control the growth of population
In national income accounts, an item counted as part of government spending is
- A. salaries and wages
- B. pension
- C. scholarship
- D. social welfare
Which of the following are the advantages of Nigeria's membership of ECOWAS? i A greater opportunity for trade according to comparative cost advantage. ii A large market industries producing under condition of decreasing cost. iii Competition for home based monopoly firms
- A. i and ii only
- B. i and iii only
- C. ii and iii only
- D. i,ii and iii
The import-substitution strategy of industrialization is to encourage
- A. domestic production
- B. large-scale production
- C. importation
- D. exportation
In a free market economy, the rationing of scarce goods is done principally by?
- A. the government
- B. business organizations
- C. the price mechanism
- D. consumers
The capital market provides business firms with the avenue to
- A. lease capital equipment
- B. obtain long-term funds
- C. obtain short-term funds
- D. purchase capital equipment
a. What is an embargo?
b. Outline any three reasons for imposing tariffs on imports
c. Explain anythree reasons against the use of tariffs
View Discussion (0)WAEC 2023 THEORYThe productivity of labour does not depend only o its own effort and efficiency, but also on I the level of technical knowledge II. the quality of other factors III. racial qualities which allow persons from certain races to have good physique and be very active . Which of the above statements is /are correct?
- A. I only
- B. I and II only
- C. I and III only
- D. II and III only
The factor of production that has the highest degree of mobility is?
- A. land
- B. labour
- C. capital
- D. enterpreneurship