Economics Past Questions And Answers
a. Differentiate between a sole proprietorship and a partnership
b. Listfour characteristics of a sole proprietorship
c. Outlinefour advantages of a public limited liability company.
View Discussion (0)WAEC 2023 THEORYComparative advantage implies that a country will specialize in producing the commodity?
- A. with the highest opprotunity cost
- B. for which output per worker is lower than in other countries
- C. with the lowest opportunity cost
- D. for which output per worker is the same with those of other countries
The rural area of West Africa lack industries because
- A. rural people are not meant to work in industries
- B. rural people are uneducated
- C. of inadequate infrastructure
- D. of low population density
Consumer buy more of a commodity at a lower price than at a higher price because
- A. productions like to produce more
- B. in a given situation people like to buy more
- C. consumers like to show off
- D. with the same amount of money they will be able to buy more
The most important requirement for increasing agriculture output in Nigeria is?
- A. for the government to go into large scale farming
- B. to employ relevant foreign technology and reform the land tenure system
- C. to increase farmers'incomes and improve the farming techniques
- D. to employ more extension workers
Robert T. Malthus postulated in his population theory that
- A. the death rate may become so high that people may not survive
- B. people will eventually stop having children
- C. people will migrate from one place to another in search of food
- D. population growth rate may out-grow the means of subsistence
Economic growth is the
- A. rate of increase in a country's full employment and real output
- B. rate of increase in a nation's total population
- C. rate of increase in inflation
- D. rate of decrease inflation
The function of the Central Bank as the lender of last resort means that when all other sources fail,
- A. the consumer can always borrow money from the Central Bank
- B. the government can ask the Central Bank to print more money
- C. commercial banks can raise loans from the Central Bank
- D. commercial banks can deposit money with the Central Banks
price fixed above the equilibrium is to
- A. protect agricultural producers
- B. discourage agricultural producers
- C. lower the price of agricultural producers
- D. favour consumers
The pie chart below shows the age distribution of population in thousands of an island Y for the year 2000 The total population of the island is 245,000.
Use the information supplied to answer the questions that follow (Show all workings clearly)
(a) Calculate the number of persons in the different age groups
(b) What is the dependency ratio of the population?
(c) Give three implications of the above population structure
