2006 - WAEC Economics Past Questions and Answers - page 4
31
One way to solve the economic problem of inflation in a country is by increasing the
A
supply of commodities
B
supply of currency
C
salaries of workers
D
demand for commodities
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32
The motive for holding money for investing in securities is referred to as
A
transactionary
B
speculative
C
accumulation
D
deflationary
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33
A cheque book is issued to customers of a bank operating a
A
savings account
B
time deposit account
C
current account
D
fixed deposit account
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34
Amount proposed for payment of wages and salaries in a budget is regarded as part of
A
recurrent expenditure
B
direct investment
C
recurrent revenue
D
capital receipts
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35
The difference between the Gross National Products (GNP) and the Gross Domestic Product (GDP) is
A
total interest payment
B
net income generated internally
C
total national savings
D
net income from abroad
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36
which of the following agricultural system is mainly for the cultivation of food crops for family consumption?
A
Co-operative farming
B
Commercial farming
C
Subsistence farming
D
Plantation farming
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37
Agriculture is important to the economy of West African countries because it is the source of
A
power
B
equipment supply
C
industrial input
D
technological progress
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38
The economic system in which the state takes the economic decision s through detailed planning is
A
Capitalism
B
socialism
C
traditional economic system
D
mixed economic system
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39
A mixed economy combines the characteristics of both
A
planned and capitalist economies
B
exchange and subsistence economies
C
subsistence and planned economies
D
capital and exchange economies
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40
In a rapidly growing economy, a change in technology which is labour saving is likely to cause
A
residual unemployment
B
structural unemployment
C
disguised unemployment
D
frictional unemployment
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