Economics Past Questions And Answers
Economics is the study of human behaviour as it relates to the
- A. efficient allocation of resources
- B. production of goods
- C. operation of companies
- D. generation of income
The demand for money will fall if
- A. People expect deflation soon
- B. Real GDP rises
- C. Real interest rates rise
- D. The GDP deflator rises
When a commodity market operates without government interference, commodities are distributed through_______
- A. A government distribution agencies.
- B. The operation of price mechanism.
- C. A central planning committee
- D. Retailers only.
Supply of agricultural products is likely to be elastic in the
- A. intermediate period
- B. long-run
- C. market period
- D. short-run
mining is an example of
- A. tertiary production
- B. primary production
- C. secondary production
- D. advanced production
The development of an economic hypothesis through intuition, insight, or logic is associated with
- A. Deduction
- B. Policy economics
- C. Normative economics
- D. Induction
(a) Define price elasticity.
(b) If at N 8.00 per tuber, twenty tubers were demanded and when the price fell to N 6. 00 per tuber, thirty tubers were demanded, what is the elasticity of the demand?
View Discussion (0)WAEC 1992 THEORYMarket supply may increase if there is an increase in the________
- A. Price of the product
- B. Prices of factors of production.
- C. Tax paid on raw materials
- D. Subsidies on raw materials.
Money would cease to be a good store of value when
- A. prices of goods and services are falling slowly
- B. there is a high level of unemployment
- C. prices of goods and services are rising rapidly
- D. prices of goods and services are rising slowing
The long-run equilibrium price and quantity for the firm are respectively
- A. OP,OY
- B. OR,OZ
- C. OR,OX
- D. OQ,OZ