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
correct option: a
Users' Answers & Comments32
The motive for holding money for investing in securities is referred to as
A
transactionary
B
speculative
C
accumulation
D
deflationary
correct option: b
Users' Answers & Comments33
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
correct option: c
Users' Answers & Comments34
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
correct option: a
Users' Answers & Comments35
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
correct option: d
Users' Answers & Comments36
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
correct option: c
Users' Answers & Comments37
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
correct option: c
Users' Answers & Comments38
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
correct option: b
Users' Answers & Comments39
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
correct option: a
Users' Answers & Comments40
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
correct option: b
The concept of structural unemployment, a lasting level of joblessness that does not disappear even at the high point of the business cycle, became popular in the 1960s. For pessimists, technological unemployment is one of the factors driving the wider phenomena of structural unemployment. Since the 1980s, even optimistic economists have increasingly accepted that structural unemployment has indeed risen in advanced economies, but they have tended to blame this on globalization and offshoring rather than technological change
Users' Answers & Comments