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AOutward shift of the production possibility curve
BAvailability of more goods and services
CGrowth accompanied by qualitative change in living standards
DGrowth in the national income
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Question 1162
waec2005
In calculating the national income of a country x, the cost of both raw materials and the finished products were included. This is a case of
Adouble counting
Bprice fluctuation
Cprice differentiation
Dprice discrimination
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Question 1163
waec2005
An economy which exhibits features of both private and State enterprises is known as
ACapitalist economy
BMixed economy
Ccommunist economy
Dsocialist economy
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Question 1164
waec2005
In a capitalist system goods are produced for those who
AWant them most but cannot pay for them
Bcan pay for them but do not want them
Cwant them and can also pay for them
Dare dependent on the labour force
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Question 1165
waec2005
An essential characteristics of market economy is
Agovernment control
Bproducer surplus
Cconsumer surplus
Dconsumer sovereignty
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Question 1166
waec2005
Mono-product economies are those that
Aproduce one main commodity
Bproduce only raw materials
Cdepend on the export of their raw materials
Dspecialize in agricultural industries
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Question 1167
waec2005
One reason for the low agricultural production in West African countries is that
Aagriculture employs the highest percentage of the labour force
Btoo much money is invested in agriculture
Cfarmers lack the finance and technology required
Dthe farms are toolarge.
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Question 1168
waec2005
The Economic Community of the West African States (ECOWAS) is an example of
Abillateral trade
Beconomic integration
Cregional marketing board
Dinternational competition
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Question 1169
waec2005
To improve the balance of payment s position in West African countries, there must be
Aremoval of barriers to importation of goods and services
Bincrease rate of exportation of goods and services
Cincrease domestic consumption of foreign produced goods
Dthe development of the local market
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Question 1170
waec2005
When the value of a nation’s export is greater than its imports
Aa favourable balance of trade exists
Ban unfavourable balance of payment exists
Cthe net foreign trade is zero
Dinflation occurs
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Question 1171
waec2005
The theory of comparative cost advantage is associated with
AAlfred Marshal
BAdam Smith
CDavid Ricardo
DJ. B. Say
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Question 1172
waec2005
Government revenue from the groundnut industry is from
Alicences
Brents
Croyalties
Dtaxes
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Question 1173
waec2005
Mr. Bala’s income is $800.00 per month while that of Mr. Jatau is $1,200.00. If Messrs. Bala and Jtau pay $80.00 and $120.00 respectively as taxes, the tax system is
Aprogressive
Bregressive
Cproportional
Dad-valorem
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Question 1174
waec2005
Among the principles of taxation propounded by Adam Smith was that
AA tax should be impossible to evade
BA tax should be convenient to pay
Cno tax should be levied on food
Dthere should be no taxation without representation
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Question 1175
waec2005
The central banks control credit in the economy through the use of
Alegal tender
Btravellers cheque
Cforeign exchange instruments
Dopen market operation
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Question 1176
waec2005
Discounting a bill of exchange means the bill is
Acashed over the counter
Bsold on the stock exchange
Cbought for less than its face value
Dsold to the highest bidder
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Question 1177
waec2005
The lender of last resort in the banking system is the
Aindustrial banks
Bmortgage banks
Ccommercial banks
Dcentral banks
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Question 1178
waec2005
A commercial banks deposits are
Aliabilities
Bassets
Ccapital
Dcash at hand
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Question 1179
waec2005
A persistent and appreciable rise in the general level of price is known as
Adepreciation
Binflation
Cdeflation
Dproduction
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Question 1180
waec2005
The term demand for money means
Adesire to borrow money from people
Bdesire of an individual to invest all his money in projects
Cwillingness of people to hold money
Dwilingness of people to keep all their resources in assets
