2013 - WAEC Economics Past Questions and Answers - page 1
1
The action of government to forgo road construction in order to provide more health facilities denotes
A
sound economic decision
B
opportunity cost
C
practicable government policy
D
scale of preference
correct option: b
Users' Answers & Comments2
In Economics , a market is defined as any
A
agreement made for consumers to buy all they need
B
ngement made for producers sell all their goods
C
agreement to sell commodities at low prices
D
arrangement whereby the buyers and sellers are in contact
correct option: d
Users' Answers & Comments3
Which of the following is not a function of an insurance company?
A
pooling resources together against risks
B
Mobilization of funds through premiums collected
C
Encouragement of investment by security of capital
D
collection of deposits from the public for investment
correct option: d
Users' Answers & Comments4
A debenture holder earns
A
commission
B
profits
C
fixed interest
D
quasi-rent
correct option: c
A debenture pays a regular interest rate or coupon rate return to investors. Payment of interest is made to the debenture holder at a specified rate and at clearly defined intervals
5
All economic systems must decide what to produce because
A
resources are not available
B
consumers want maximum satisfaction
C
resources are limited in supply
D
producers want maximum profit
correct option: c
Users' Answers & Comments6
Trade between two countries is known as
A
bilateral trade.
B
bilateria trade
C
multilateral trade
D
internal trade
correct option: a
Users' Answers & Comments7
In the balance of payments of a country, tourism is classified under
A
capital account
B
invisible trade
C
merchandise trade
D
official reserves
correct option: b
Users' Answers & Comments8
General rise in the price level induced by increased price of inputs is referred to as
A
run-away inflation
B
cost -push inflation
C
demand -pull inflation
D
imported inflation
correct option: b
Users' Answers & Comments9
Which of the following is a function of merchant banks?
A
Acting as bankers' bank.
B
Lending to the commercial banks as a last resort
C
controlling inflation in the economy
D
underwriting and issuing of shares
correct option: d
Users' Answers & Comments10
A budget is balance when expected total revenue is
A
greater than expected expected expenditure
B
less than total expenditure
C
equal to expected expenditure
D
greater than total expenditure
correct option: c
Users' Answers & Comments