1990 - WAEC Economics Past Questions and Answers - page 1
1
Economics can be best defined as the study of
A
how to spend the family income efficiently
B
how to find minimum cost of production
C
the interpretation of scarce resourceand date
D
how scarce resource can be used efficiently
correct option: d
Users' Answers & Comments2
which of the following are resources for holding money instead of investing it? I Transaction motive II. Precautionary motive III. Speculative motive IV. Liquidity motive
A
I and II only
B
I and III only
C
I, II and III only
D
I, II and IV only
correct option: c
Users' Answers & Comments3
it is general belief that inflation in West Africa is caused by all the factors listed below except
A
excessive bank lending
B
budget deficit
C
rising incomes
D
shortage supply
correct option: e
Users' Answers & Comments4
all the following are specific examples of indirect tax except
A
purchases tax
B
import duty
C
export duty
D
excise duty
correct option: e
Users' Answers & Comments5
Demand in Economics is synonymous with
A
needs
B
wants of the consumer
C
all goods demanded in the market
D
wants supported with ability to pay
correct option: d
Users' Answers & Comments6
All the following factors will cause a change in demand except
A
the consumer's income
B
the consumer's taste
C
a change in population size
D
a change in weather condition
correct option: e
Users' Answers & Comments7
A rational consumer tends to do all the following except
A
buying more at a high price than at a low price
B
buying more at a low price than at a high price
C
buying at utility maximization
D
reacting to price changes
correct option: a
Users' Answers & Comments8
A firm that charges different price of goods or services that have same technical qualities is called
A
a perfect competitor
B
a monopsony
C
an oligopoly
D
a discriminating monopoly
correct option: d
Users' Answers & Comments9
A perfect market has all the following features except that
A
there are many buyers and few sellers
B
the commodities bought and sold are homogenous
C
there is free entry and exit
D
buyers and sellers have perfect knowledge of the market
correct option: a
Users' Answers & Comments10
The purchasing power of the Naira will fall when
A
workers are retrenched
B
the colour of the naira is changed
C
the government cuts all salaries and wages
D
there is inflation
correct option: d
Users' Answers & Comments