Study and practice Economics past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
which of the following is a function of commercial banks?
Aissuing currencies
Baccepts deposits
CAre the bankers' bank
DDetermine the rate of interest
Eincrease of time in learning a trade
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Question 1622
waec1997
inflation caused by increase in demand can be curbed by
Aexporting more goods and services
Bhoarding of goods
Cincreasing the level of output
Dincreasing the level of money supply
Ereducing importation
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Question 1623
waec1997
one of the instruments of protection of infants industries is the
Aprice control board
Bopen market operation
Ctarrif
DGDP-deflator
Emultiplier
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Question 1624
waec1997
the actual output of an economy is the output
Awhich would exist if al resources were fully employed
Bproduced by currently employed labour capital and land
Cproduced in the consumer goods sector
Dproduced in the capital goods sector
Eproduced by agriculture sector
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Question 1625
waec1997
which of the following will not increase the population of a country?
Aan increase in birth rate
Ba decrease in death rate
Cbetter medical services
Dimmigration
EEmigration
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Question 1626
waec1997
The situation whereby government revenue is less than government expenditure is referred to as
Abudget deficit
Bbalanced budget
Cbudget surplus
Dbudget statement
Eunfavourable budget
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Question 1627
waec1997
a stock exchange is a market that
Adeals with the exchange of commodities
Bdeals with purchase and sales of securities
Cexchanges stockfish for lady fish
Dexchanges treasury bills for bills of exchange
Esells foreign exchange
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Question 1628
waec1997
If the price of product K declines , the demand curve for the complementary product J will
Aremain unchanged
Bshift to the right
Cdecrease
Dshift to the left
Eslopes upwards
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Question 1629
waec1997
for two commodities A and B, MA and MB are the respective marginal utilities while PA and PB are the respective prices. Marginal utilities of the commodities are maximized when
AMA/PA = MB/PB
BMA/PA > MB/PB
CMA/PA < MB/PB
DPA/MA < PB/MB
EPA/MA > PB/MB
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Question 1630
waec1997
In the long-run, potential GNP is variable because. I technological change takes place II the quantity of labour and capital is not fixed III. unemployment is not constant
AI only
BII only
CI and II only
DI and III only
EIII only
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Question 1631
waec1997
when the death rate for old people and the infant mortality rate are high , with no migration , there will be in the population a higher number of
Ayounger people in the population
Bchildren in the population
Cold people in the population
Dwomen in the population
Emen in the population
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Question 1632
waec1997
The optimum population of a country is reached when the
Aproduction of goodsand sevices is less than optimum
Boutput per head is at its highest with a given volume of resources
Ctotal production increases with a given volume of resources
Dnational resources increases as population increases
Eworking population rises at a geometrical rate
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Question 1633
waec1997
which of the following is not a problem in the barter economy?
Amultiple exchange rate
Bindivisibility of goods and services
Cdouble coincidence of wants
Dbulkness of commodities
Einflation
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Question 1634
waec1997
The value of money is affected by the
Aspeculative motive
Bprice level
Ctransactionary motive
Dprecautionary motive
Eemployment level
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Question 1635
waec1997
one of the disadvantages of the division of labour is that it
Asaves time
Bmakes work monotonous
Cencourages full utilization of capital
Dmakes workers skilled at their work
Eallows greater use of machinery
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Question 1636
waec1997
a shift in supply curve to the right will result in a
Afall in both the price and supply
Bfall in price but an increase in supply
Crise in both price and supply
Drise in price and fall in supply
Eno change in price and supply
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Question 1637
waec1997
when the price of a given product is reduced from N100 to N90, the quantity demanded increases from 50 to 60 units. From this we can conclude that the product's
Ademand is elastic
Bdemand is inelastic
Cdemand is perfectly inelastic
Dsupply is not elastic
Edemand has decline
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Question 1638
waec1997
The formula for calculating price elasticity of demand coefficient is
APercentage change in price/percentage change in quantity demanded
BAbsolute decline in price/absolute increase in quantity demanded
CPercentage change in quantity demanded/percentage change in price
DAbsolute decline in quantity demanded/absolute increase in price
EChange in quantity demanded/decrease in price
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Question 1639
waec1997
Goods are said to be in competitive demand when they
AAre substitutes
BAre complementary to each other
CAre jointly demanded
DHave equal coefficient of elasticity
EAre identical
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Question 1640
waec1997
In Economics production is complete when
AGoods are manufactured in the factories
Bare sold to the final consumer
Cgoods and services are distributed by the government
