1989 - WAEC Economics Past Questions and Answers - page 1
1
Scarcity in Economics means that resources
A
Are not enough to share among producers of goods and services
B
Needed to satisfy human wants are limited
C
Are never enough to share among consumers of goods and services
D
Required to meet our essential wants are unlimited
correct option: b
Users' Answers & Comments2
A table which shows the price of a commodity and the quantity of it that is demanded per unit time is a
A
Time series
B
Demand series
C
Demand curve
D
Demand schedule
correct option: d
Users' Answers & Comments3
The greatest disadvantages f barter system is the need for
A
Durability
B
Divisibility
C
Homogeneity
D
Double coincidence of wants
correct option: d
Users' Answers & Comments4
An inflation in which the price rises steadily at an average rate of about 2% per annum is best described ad
A
Galloping
B
Induced
C
Creeping
D
Suppressed
correct option: c
Users' Answers & Comments5
In Economics market is define as
A
A place where buyers and sellers come together to exchange goods
B
Any agreement made for consumers to buy all they need
C
any arrangement made for producers to sell all their goods
D
any arrangement where by buyers and sellers are in close touch with one another
correct option: d
Users' Answers & Comments6
money supply at any given point in time refers to as
A
bank notes, coins abd demand deposits
B
notes and coins only
C
minted money
D
hoarded money
correct option: a
Users' Answers & Comments7
all the following are source of finance to a Joint Stock Company except
A
bank loans
B
equity shares
C
debentures
D
preference shares
correct option: e
Users' Answers & Comments8
Data presented in table are usually arranged in
A
charts and tables
B
rows and columns
C
graphs and rows
D
pictograms and columns
correct option: b
Users' Answers & Comments9
which of the following is not a function of money?
A
store of values
B
unit of accounts
C
measures of value
D
standard for deferred payment
correct option: e
Users' Answers & Comments10
Which of the following is not appropriate in calculating national income figures?
A
output method
B
Income method
C
Expenditure method
D
Value added method
correct option: e
Users' Answers & Comments