1994 - WAEC Economics Past Questions and Answers - page 2
11
If a person supplements his current income by drawing on past savings in order to make both ends meet, he is said to be living
A
good life
B
an average life
C
on his savings
D
a reckless life
correct option: c
Users' Answers & Comments12
Which of the following is not a set of measures of central tendency?
A
Mode and Median
B
mean and median
C
Mean and mode
D
Median and percentage
correct option: d
Users' Answers & Comments13
which of the following pairs can be referred to as middlemen?
A
wholesalers and agents
B
Retailers and consumers
C
Consumers and agents
D
Wholesalers and retailers
correct option: d
Users' Answers & Comments14
Mono-products economics are those that
A
have a rich culture heritage
B
produce only raw materials
C
live on the exportation of their raw products
D
produce one main commodity
correct option: d
Users' Answers & Comments15
A Nigerian household demand curve for semovita is downward sloping because
A
the demand for semovita is high
B
the local markets are flooded with semovita
C
semovita is produced in Nigeria
D
every household can afford to buy semovita
correct option: e
Users' Answers & Comments16
To the economist a stock of goods existing at a a particular time and conforming to certain requirements such as having utility, money value and being limited in supply , is known as
A
consumer goods
B
products
C
wealth
D
commercial goods
correct option: c
Users' Answers & Comments17
The decision to consume more of one product swill under normal circumstances imply that
A
more of another product will be consumed
B
less of something else will be consumed
C
no other product will be consumed
D
decision-making is basic in economics
correct option: b
Users' Answers & Comments18
The difference between the Gross Domestic Product (GDP) and the Gross National Product (GNP) is the
A
allowance for total depreciation
B
total interest payment
C
net income from abroad
D
total tax and interest payment
correct option: c
Users' Answers & Comments19
one of the function of a commercial bank is that it
A
is responsible for formulating monetary policies
B
accepts demand and time deposits from constomers
C
is the lender of the last resort
D
is the banker of the government
correct option: b
Users' Answers & Comments20
which of the following is not a problem of distribution of goods in Nigeria?
A
poor communication network
B
inadequate storage facilities
C
ignorance of consumers
D
Dishonesty of middlemen
correct option: c
Users' Answers & Comments