1994 - WAEC Economics Past Questions and Answers - page 1
1
The definition of economics as 'the science which studies human behaviuor as a relationship between ends and scarce means which have alternative uses' was given by
A
Adam Smith
B
David Ricardo
C
Lionel Robbins
D
Thomas R. Mtithus
correct option: c
Users' Answers & Comments2
The concept of economics efficiency primarily implies
A
containing the maximum output from available resources at the lowest possible cost
B
conserving our petroleum resources
C
equity in the distribution of the nation's wealth
D
production without waste
correct option: a
Users' Answers & Comments3
Which of the following is true of NEPA as a public corporation in Nigeria? It is
A
a solar energy distribution
B
organized in a perfectly competitive market
C
a duopoly
D
a monopolistically competitive industry
correct option: e
Users' Answers & Comments4
a situation of full employment exist when
A
every adult is employed
B
all adukts who can work are employed
C
all persons who have attained the age of 15 years and above are employed
D
only the disabled are not employed
correct option: e
Users' Answers & Comments5
which of the following function of money makes it possible for any person to provide for old age?
A
medium of exchange
B
stores of value
C
measures of value
D
unit of account
correct option: b
Users' Answers & Comments6
The primary objective of Agricultural Credit Guarantee Scheme is the provision of
A
guarantee for loans granted by by banks for agricultural purposes
B
agricultural inputs to facilitate credits from banks
C
loans for every farmer
D
agricultural products for farmers
correct option: a
Users' Answers & Comments7
which of the following is not an advantage of localization of industries ?
A
enjoyment of externa economies
B
development of subsidiary industries
C
development of organized markets
D
growth of conurbation
correct option: d
Users' Answers & Comments8
Which of the following is not an advantage of government ownership of enterprises?
A
more capital is provided
B
pricing policy may be in the interest of consumers
C
Government workers may be indifferent towards the public
D
infrastructure are rapidly developed
correct option: c
Users' Answers & Comments9
if the foreign exchange rate is N80 to £1, then a bicycle bought for £40 will cost
A
N15.00
B
N60.00
C
N100.00
D
N250.00
correct option: e
Users' Answers & Comments10
The central banks controls commercial banks through all the following measures except
A
The uses of directives
B
The use of bank rate
C
Open market operations
D
Accepting deposits
correct option: d
Users' Answers & Comments