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A Nigerian household demand curve for semovita is downward sloping because
Athe demand for semovita is high
Bthe local markets are flooded with semovita
Csemovita is produced in Nigeria
Devery household can afford to buy semovita
Ethe higher the price of semovita, the lower the quantity demanded
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Question 12
waec1994
Mono-products economics are those that
Ahave a rich culture heritage
Bproduce only raw materials
Clive on the exportation of their raw products
Dproduce one main commodity
Especialize in agricultural industries
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Question 13
waec1994
Which of the following pairs can be referred to as middlemen?
Awholesalers and agents
BRetailers and consumers
CConsumers and agents
DWholesalers and retailers
EWholesalers and consumers
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Question 14
waec1994
Which of the following is not a set of measures of central tendency?
AMode and Median
Bmean and median
CMean and mode
DMedian and percentage
EMode, mean and median
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Question 15
waec1994
If a person supplements his current income by drawing on past savings in order to make both ends meet, he is said to be living
Agood life
Ban average life
Con his savings
Da reckless life
Eon borrowed money
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Question 16
waec1994
The central banks controls commercial banks through all the following measures except
AThe uses of directives
BThe use of bank rate
COpen market operations
DAccepting deposits
EDemanding special deposits
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Question 17
waec1994
if the foreign exchange rate is N80 to £1, then a bicycle bought for £40 will cost
AN15.00
BN60.00
CN100.00
DN250.00
EN320.00
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Question 18
waec1994
Which of the following is not an advantage of government ownership of enterprises?
Amore capital is provided
Bpricing policy may be in the interest of consumers
CGovernment workers may be indifferent towards the public
Dinfrastructure are rapidly developed
Eincomes may be more evenly distributed
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Question 19
waec1994
which of the following is not an advantage of localization of industries ?
Aenjoyment of externa economies
Bdevelopment of subsidiary industries
Cdevelopment of organized markets
Dgrowth of conurbation
Egrowth of farms
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Question 20
waec1994
The primary objective of Agricultural Credit Guarantee Scheme is the provision of
Aguarantee for loans granted by by banks for agricultural purposes
Bagricultural inputs to facilitate credits from banks
Cloans for every farmer
Dagricultural products for farmers
Ecredit for farmers
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Question 21
waec1994
which of the following function of money makes it possible for any person to provide for old age?
Amedium of exchange
Bstores of value
Cmeasures of value
Dunit of account
Estandard for deferred payment
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Question 22
waec1994
a situation of full employment exist when
Aevery adult is employed
Ball adults who can work are employed
Call persons who have attained the age of 15 years and above are employed
Donly the disabled are not employed
Eall those who are able and eligible to work are employed
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Question 23
waec1994
Which of the following is true of NEPA as a public corporation in Nigeria? It is
Aa solar energy distribution
Borganized in a perfectly competitive market
Ca duopoly
Da monopolistically competitive industry
Ea monopoly
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Question 24
waec1994
The concept of economics efficiency primarily implies
Acontaining the maximum output from available resources at the lowest possible cost
Bconserving our petroleum resources
Cequity in the distribution of the nation's wealth
Dproduction without waste
Ethe limited wants unlimited resources dilemma
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Question 25
waec1994
The definition of economics as 'the science which studies human behaviuor as a relationship between ends and scarce means which have alternative uses' was given by
AAdam Smith
BDavid Ricardo
CLionel Robbins
DThomas R. Mtithus
ERobert Giffen
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Question 26
jamb1994
Cross elasticity of demand can be mathematically expressed as the
A\(\frac{\text{% change in quantity of commodity X}}{\text{% change in quantity of commodity Y}}\)
B\(\frac{\text{% change in quantity demanded}}{\text{% change in price}}\)
C\(\frac{\text{% change in quantity demanded of commodity X}}{\text{% change in price of commodity Y}}\)
D\(\frac{\text{% change in quantity demanded}}{\text{% change in income}}\)
