Economics Past Questions And Answers
In a public corporation , the risks of business are borne by the
- A. workers
- B. tax payers
- C. board members
- D. treasury
The marketing of agricultural products in Nigeria can be improved by
- A. a massive production of farm produce
- B. re-establishing the marketing boards
- C. establishing more agricultural banks
- D. processing of farm produce
Export-promotion policy is primary concerned with the?
- A. processing of raw materials to increase their value
- B. making of international routes safe for export commodity
- C. reduction in the number of imported items
- D. encourage of the production of export commodities
The basic aim of Economic Community of West African States is the
- A. discouragement of trade among member states
- B. encouragement of revolts against former colonial masters
- C. establishment of its headquarters in each members state
- D. liberalization of trade among member states
When a firm is reaping economies of large-scale production, it experiences a fall in its?
- A. long-run marginal cost
- B. long-run average cost
- C. long-run total cost
- D. short-run marginal cost
which of the following is true under rapid inflation? People
- A. demand less foreign exchange
- B. set up businesses
- C. rush to pay their taxes
- D. hardly wants to lend money
(a) A hypothetical national income data for a country in particular year is presented below:
| ITEM | $MILLION |
| Wages and salaries | 250 |
| Income paid abroad | 75 |
| Income from self-employment | 120 |
| Stock appreciation | 5 |
| Interest | 10 |
| Income received from abroad | 50 |
| Rent | 25 |
| Depreciation allowance | 3 |
| Royalties | 2 |
| Profits and dividends | 35 |
From the data, answer the following questions.
Calculate the: Gross Domestic Product (GDP)
(b) A hypothetical national income data for a country in particular year is presented below:
| ITEM | $MILLION |
| Wages and salaries | 250 |
| Income paid abroad | 75 |
| Income from self-employment | 120 |
| Stock appreciation | 5 |
| Interest | 10 |
| Income received from abroad | 50 |
| Rent | 25 |
| Depreciation allowance | 3 |
| Royalties | 2 |
| Profits and dividends | 35 |
From the data, answer the following questions.
Calculate the: Gross National Product (GNP)
(c) A hypothetical national income data for a country in particular year is presented below:
| ITEM | $MILLION |
| Wages and salaries | 250 |
| Income paid abroad | 75 |
| Income from self employment | 120 |
| Stock appreciation | 5 |
| Interest | 10 |
| Income received from abroad | 50 |
| Rent | 25 |
| Depreciation allowance | 3 |
| Royalties | 2 |
| Profits and dividends | 35 |
From the data, answer the following questions.
Calculate the: Net National Product (NNP)
View Discussion (0)WAEC 2022 THEORYA line in commodity space which shows the constraints imposed by his budget, his money income and the price of goods purchased is
- A. supply curve
- B. liquidity preference
- C. Budget line
- D. demand curve
Perfect knowledge of events in a perfect market will be made possible by the existence of
- A. many buyers and sellers
- B. homogeneous products
- C. means of communication
- D. large number of traders
The type of production that involve the tapping and harnessing of natural resources is
- A. primary production
- B. secondary production
- C. tertiary production
- D. industrial production