1991 - WAEC Economics Past Questions and Answers - page 1
1
The price system refers to the system by which
A
the government controls price in the economic system
B
prices tends to rise to a general level
C
price allocates resources between consumer and producer goods
D
government allocate resources to consumers and producers
correct option: c
Users' Answers & Comments2
Choice is necessary because resources
A
are available
B
can be found everywhere
C
are constant
D
are scarce
correct option: d
Users' Answers & Comments3
Agriculture plays a dominant role in West African economies because
A
the Green Revolution in Nigeria is agricultural
B
it supplies all the food stuffs consumed in Ghana alone
C
there are large plantation of cocoa, groundnut and oil palm in West Africa
D
it is the main source of revenue in Sirera Leon alone
correct option: e
Users' Answers & Comments4
The monetary system that requires a double coincidence of wants is known as the
A
gold standard
B
barter system
C
commodity system
D
gold exchange standard
correct option: b
Users' Answers & Comments5
if over a period of time there is more money in the economy than the available goods and services , the economy is likely to experience
A
devaluation
B
inflation
C
deflation
D
demonetization
correct option: b
Users' Answers & Comments6
The value of money is determined by the
A
rate of interest
B
general price level
C
quantity of money in circulation
D
level of economic development
correct option: b
Users' Answers & Comments7
open market operation are the process by which
A
the Central Banks purchases and sells securities
B
Commercial Banks purchases and sells securities
C
business firms buys raw materials freely
D
huseholds buys consumer goods openly
correct option: a
Users' Answers & Comments8
Devaluation means
A
a reduction in the value of the National currency
B
a reduction in the purchasing power of the foreign currency
C
a reduction in the value of the domestic currency relative to foreign currencies
D
an increase in the value of the national currency
correct option: c
Users' Answers & Comments9
Which of the following functions do retailers perform in an economy?
A
Production
B
Exchange
C
Hoarding
D
Distribution
correct option: d
Users' Answers & Comments10
A movement along the demand curve for some goods may be caused by a change in
A
consumer income
B
the price of goods
C
consumers taste
D
the price of other goods
correct option: b
Users' Answers & Comments