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In the equation Q = a - bp + e; Q and P are .... Variables respectively.
Aconstant and dependent
Bdependent and independent
Cerror term and independent
Dindependent and constant
Eindependent and dependent
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Question 23
neco2005
Which of the following is NOT a function of the IMF?
Aassisting member countries in printing and issuing their currency
BExchange rate stabilization
CPromoting international monetary cooperation
DProviding financial aid to members experiencing balance of payment difficulties
EServing as a clearing house f member countries
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Question 24
neco2005
A business formation with a minimum of two and maximum of twenty persons is called
Acooperative society
Bjoint stock company
Cone man business
Dpartnership
Epublic corporation
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Question 25
neco2005
Which of the following is NOT a major role of OPEC in production, and marketing of petroleum?
ACoordinating and unifying petroleum policies of member countries
BEnsuring efficient and regular supply of oil to the two market
CRaising the revenue of member countries from oil through price increase
DRefining of petroleum products in member countries
EStabilizing oil prices putting a production ceiling
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Question 26
waec2005
Which of the following is not an objective of the Organization of Petroleum Exporting Countries (OPEC)?
AStabilization of oil prices
BCo-ordinating prices
CCo-ordinating prices
DStagnation of developed economies
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Question 27
waec2005
Economic development is define as
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 28
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 29
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 30
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 31
waec2005
An essential characteristics of market economy is
Agovernment control
Bproducer surplus
Cconsumer surplus
Dconsumer sovereignty
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Question 32
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 33
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 34
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 35
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 36
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 37
waec2005
The theory of comparative cost advantage is associated with
AAlfred Marshal
BAdam Smith
CDavid Ricardo
DJ. B. Say
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Question 38
waec2005
Government revenue from the groundnut industry is from
Alicences
Brents
Croyalties
Dtaxes
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Question 39
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 40
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
