1995 - WAEC Economics Past Questions and Answers - page 2
11
Government can influence aggregate demand through all the following measures except
A
reduction in personal income tax
B
retirement of director-general in the public service
C
creation of employment opportunities
D
compulsory deduction from salaries of all categories of workers
correct option: b
Users' Answers & Comments12
The term production in Economics means
A
manufacturing of goods
B
the creation of utilities
C
giving birth to children
D
the distribution of goods and services
correct option: b
Users' Answers & Comments13
Under the socialist economy , the decision on what to produce is determined by the
A
producer
B
level of expected profit
C
price
D
Government
correct option: d
Users' Answers & Comments14
Credit creation by banks is limited by
A
an increase in bank deposits
B
the establishment of specialized banks
C
the non-availability of clllateral security
D
the use of cheques for all transactions of the banks
correct option: c
Users' Answers & Comments15
Which of the following explains marginal cost?
A
Overhead cost plus variable cost resulting from production
B
the average cost of producing more units of the products
C
The extra cost of producing more units of products
D
Overhead cost minus variable cost
correct option: e
Users' Answers & Comments16
The effect of an increase in price on the demand for a commodity with elastic demand will be
A
an increase in the demand for the commodity
B
a decrease in the demand for the commodity
C
a further increase in the price of the commodity
D
reduction in the number of the distributors of the commodity
correct option: b
Users' Answers & Comments17
In perfect competition , the marginal cost curve intersects the average cost curve
A
from below at its lowest point
B
from above at its lowest point
C
from below before the lowest point
D
at the zero point
correct option: a
Users' Answers & Comments18
Which of the following does not require the use of information from census?
A
allocating central government revenue among states or regions
B
planning for development in the states of regions
C
Demarcating constituencies for election in the states or regions
D
providing adequate social amenities and services in the states or regions
correct option: e
Users' Answers & Comments19
Which of the following is not a function of an insurance company?
A
Mobilization of funds through premiums collected
B
Encouragement of savings habits through life assurances
C
Collection of deposits from the public
D
Granting of loans on long-term basis for investment
correct option: c
Users' Answers & Comments20
Malthus observed in his theory that population was growing
A
at a regular rate
B
in arithmetical progression
C
in geometrical progression
D
in mathematical progression
correct option: c
Users' Answers & Comments