2014 - WAEC Economics Past Questions and Answers - page 2
A declining population is one in which the population is
Emigration; is the act of leaving one's own country to settle permanently in another; moving abroad.
A population decline (or depopulation) in humans is a reduction in a human population caused by events such as long-term demographic trends, as in sub-replacement fertility, urban decay, white flight, or rural flight, or due to violence, disease, or other catastrophes.
Which of the following agencies help to stabilize farmers' income?
A marketing board is an organization created by many producers to try to market their product and increase consumption and thus prices. It can also be defined as an organization set up by a government to regulate the buying and selling of a certain commodity within a specified area.
Other things being equal, an increase in supply will lead to
A change in supply will cause equilibrium price and output to change inopposite directions. a. An increase in supply will cause a reduction in the equilibrium price and an inase in the equilibrium quantity of a good.
Examples of joint stock banks are
A joint-stock company is a business owned by people called shareholders. Each shareholder owns company stock in proportion to the number of their shares (certificates of ownership). An example of a joint stock company today is a business type that is somewhere between a partnership and a corporation.
Which of the following is not a characteristic of a developing country? High
Common Characteristics of Developing Economies
- Low per capita real income.
- High population growth rate/size.
- High rates of unemployment.
- Dependence on primary sector.
- Dependence on exports of primary commodities.
Goods consumed out of habit have
Inelastic demand in economics is when people buy about the same amount whether the price drops or rises.
If the coefficient of price elasticity of demand is 0.1, demand is
The numerical values for the PED coefficient could range from zero to infinity. In general, the demand for a good is said to be inelastic (or relatively inelastic) when the PED is less than one (in absolute value): that is, changes in price have a less than proportional effect on the quantity of the good demanded.
The profit of a producer is the difference between
Total profit is determined by subtracting total costs from revenues. Total revenue is determined by multiplying the price received for each unit sold by the number of units sold.
The rate of increase in utility is
In economics, utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a goods or service is the change in the utility from an increase or decrease in the consumption of that good or service.