2013 - WAEC Economics Past Questions and Answers - page 2
11
A co-operative society is a
A
finance house
B
self -help business organization
C
public corporation
D
non-democratic business organization
correct option: b
Users' Answers & Comments12
The value of money is effected by the
A
speculative motive
B
price level
C
precautionary motive
D
intervention of development
correct option: b
Users' Answers & Comments13
Which of the following is a function of money?
A
Medium of Communication
B
Measure of securities
C
Store of Wealth
D
Discounting bills of exchange
correct option: b
Users' Answers & Comments14
Which of the following is an asset of a commercial bank?
A
Reserve funds
B
Shareholders capital
C
Customers' deposits
D
Treasury bills
correct option: d
Users' Answers & Comments15
An increase in the supply of a commodity X automatically results in an increase in the supply of another commodity Y. This is a cause of
A
elastic supply
B
joint supply
C
exceptional supply
D
competitive supply
correct option: b
Users' Answers & Comments16
Why would an individual increase his level of consumption during inflationary periods?
A
The real value of any amount saved falls over time
B
Interest rates are generally low
C
There are varieties of goods to buy
D
Wages and salaries stagnate during inflation
correct option: a
Users' Answers & Comments17
The type of monopoly that develops as a result of uneven distribution of resources is called
A
legal monopoly
B
natural monopoly
C
state monopoly
D
international monopoly
correct option: a
Users' Answers & Comments18
Goods which have to be paid for are known as
A
physical goods
B
economic goods
C
free goods
D
intangible goods
correct option: b
Users' Answers & Comments19
Goods are said to be in competitive demand when they are
A
substitutes
B
complementary
C
jointly demanded
D
identical
correct option: a
Users' Answers & Comments20
In the long term run factors of production are considered to be
A
at maximum
B
fixed
C
variable
D
increasing
correct option: c
Users' Answers & Comments