2013 - WAEC Economics Past Questions and Answers - page 5
41
The main advantage of large scale production is that
A
unit cost of production faills
B
decision -making is quick
C
worker-managemnet relationship is improved
D
the quality of the product increases
correct option: a
Users' Answers & Comments42
Which of the following items is not included in measuring national income by the income approach?
A
Profits of companies
B
Rents on property
C
Student's grants and scholarships
D
Wages and salaries of public servants
correct option: c
Users' Answers & Comments43
Gold, diamond, iron ore and limestone are collectively referred to as
A
human resources
B
mineral resources
C
artificial resources
D
forest resources
correct option: b
Users' Answers & Comments44
Points outside a production possibility curve indicate
A
unattainable production levels
B
attainable production levels
C
inefficient, but attainable production levels
D
optimum production levels
correct option: a
Users' Answers & Comments45
The International Bank for Reconstruction and Development (IBRD) is important to developing nations because it
A
gives aid for defence
B
offers loans for public projects
C
offers aid to finance private projects
D
gives loans for legal proceedings
correct option: b
Users' Answers & Comments46
Which of the following can be used to calculate the price elasticity of demand?
A
\(\frac{\text{percentage change in quality demand}}{\text{percentage change in price}}\)
B
\(\frac{\text{percentage change in price}}{\text{percentage change inquantity demand}}\)
C
\(\frac{\text{percentage change in quality demand}}{\text{percentage change in income}}\)
D
\(\frac{\text{percentage change in income}}{\text{percentage change in quantity demand}}\)
correct option: a
Users' Answers & Comments