1999 - WAEC Economics Past Questions and Answers - page 3
21
When price elasticity of supply is equal to 0.4, supply is said to be
A
inelastic
B
elastic
C
unitary elastic
D
public utilities
correct option: a
Users' Answers & Comments22
In the money market , money can only be borrowed for
A
long term
B
short term
C
capital project
D
public utilities
correct option: b
Users' Answers & Comments23
Deflation can be controlled by increase in
A
the bank rate
B
income tax
C
the price level
D
the budget deficit
correct option: c
Users' Answers & Comments24
Mortgage banks give loan to investors on long term basis to
A
finance agriculture
B
establish banks
C
acquire machinery
D
build houses
correct option: d
Users' Answers & Comments25
The situation where by a government spends more than its budgets for a fiscal year is known as
A
extra budget
B
surplus budget
C
mid-year budget
D
deficit budget
correct option: d
Users' Answers & Comments26
In a socialist economy, factors of production are owned and controlled by the
A
citizens
B
businessmen
C
government
D
foreigners
correct option: c
Users' Answers & Comments27
One quality of money which makes it possible to be carried easily is its
A
Scarcity
B
Durability
C
portability
D
acceptability
correct option: c
Users' Answers & Comments28
A form of tax in which the poor pay a higher rate than the rich is known as
A
regressive tax
B
backward tax
C
oppressive tax
D
retrogressive tax
correct option: a
Users' Answers & Comments29
The reduction in the value of a country's currency of other nations is known as
A
deflation
B
devaluation
C
inflation
D
revaluation
correct option: b
Users' Answers & Comments30
The creation of utility can be referred to as
A
value added
B
profit maximization
C
entreprenuership
D
production
correct option: d
Users' Answers & Comments