2013 - WAEC Economics Past Questions and Answers - page 3
21
Which of the following will enhance productivity in an economy?
A
The use of obsolete capital
B
Technological change
C
Expansion of land under cultivation
D
An increase in the labour force
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22
Post harvest losses in West African countries can be reduced if
A
the land tenure system could be reformed
B
more irrigation schemes could be provided
C
better storage facilities could be provided
D
erosion is controlled
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23
Which of the following best explains what to product?
A
How much goods are to be produced
B
The combination of resources to be used
C
Which goods and services to be produced
D
How many wants are to be satisfied
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24
The demand for money is described as a
A
competitive demand
B
joint demand
C
derived demand
D
composite demand
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25
Which of the following is the main outcome of a trade union's interference with the wage rate? Wages are
A
lowered but more employment opportunities are created
B
lowered but employment level remains unchanged
C
increased and employment levels are unchanged
D
increased but employment levels are reduced
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26
The introduction of tariffs and quotas
A
reduce th prices of imports
B
increase the demand for locally made goods
C
discourage domestic industries from becoming more efficient
D
reduce the prices of locally made goods
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27
A government that wants to get more revenue will increase the tax on commodities with a
A
high price elasticity of demand
B
low price elasticity of demand
C
high income elasticity of demand
D
low income elasticity of demand
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28
Which of the following is involved in the money market?
A
Building society
B
Development banks
C
Commercial banks
D
Stock exchange
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29
Demand pull inflation can aptly be described as
A
inflation induced by rising costs of production
B
reduction in government expenditure
C
persistent rise in prices due to increase in expenditure
D
massive importation of goods from a country with hyper inflation
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30
In order to develop the banking habit of rural dwellers, the traditional money lenders should be
A
proscribed
B
legalized
C
subsidized
D
heavily taxed
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