Economics Past Questions And Answers
711
One of the functions of the price system is that it
- A. encourages high volume of production
- B. dictates what the citizens will consume
- C. discourages the consumption of harmful goods
- D. regulates production and consumption
712
Which of the following is an example of derived demand?
- A. Tax relief
- B. Labour
- C. Wage increase
- D. Entertainment
713
public limited liability companies are democratic in nature because?
- A. government appointees are members of the board
- B. they are run by elected public officers
- C. electoral principles are adopted in the day-to-day management
- D. shareholders elect the board of directors
714
Which of the following statements about population is correct?
- A. Optimum population whenever achieved does not change
- B. Under-population implies that available resources are not use to full capacity
- C. Over-population leads to a higher per capital output
- D. Optimum population leads to overcrowding of cities
715
The primary objective of all international economic organizations is to?
- A. ensure that third world countries get a better share of the world's resources
- B. promote international economic co-operation for the mutual benefit of all members
- C. enforce structural adjustment programmes on less developed countries
- D. encourage exports from the developed to the less developed countries
716
What are the factors that determine the price elasticity of demand for a commodity?
View Discussion (0)WAEC 1993 THEORY717
If MPC is 0.7 while government expenditure increased by N 150m, the equilibrium national income is
- A. N 214 million
- B. N 45 million
- C. N 105 million
- D. N 500 million
718
The sharp increase in the prices of most goods and services during the last quarter of 1994 in Nigeria were mainly due to?
- A. ban on importation of foreign goods
- B. population upsurge
- C. the introduction of value-added tax
- D. increase in transport costs
719
Infant industries denote industries which?
- A. are introducing new products
- B. are too young to compete in the world market
- C. produce baby food and mother care products
- D. are allowed time enough to mature for recognition
720
Scale of preference is important for the following reasons except in
- A. satisfying wants
- B. making rational
- C. making optinum allocation of resources
- D. using scarce resources efficiently