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 part of the capital account of the balance of payments?
ANet investment from abroad
Bimport of machinery
Cinsurance
Dtransportation cost
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Question 32
waec2003
When the demand for foreign exchange exceeds its supply, the value of the domestic currency
Aappreciates
Bdepreciates
Cinflates
Dexpands
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Question 33
waec2003
Invisible trade refers to trade in
Aservices
Bgoods and services
Ctangible goods
Dcrude oil
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Question 34
waec2003
Precautionary motive relates to
Ademand for money
Bdemands for goods
Csupply of money
Dsupply of goods
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Question 35
waec2003
The most important function of merchant banks is the
Aissuing of currency
Bprovision of short term loans
Cprovision of medium and long term loans
Dprovision of short and long term loans
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Question 36
waec2003
Cost-push inflation is likely to raise when
Athere is an increase in government spending
Bthere is an increase in direct taxes
Cdemand for higher wages is granted
Dthere is a decrease in banks lending
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Question 37
waec2003
Which of the following is the function of a central bank?
Aaccepting deposits from the public
Blending to the commercial banks
Cdiscounting bills of exchange
Dagent of payment for individuals
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Question 38
waec2003
A continuous fall in the general price level is called
Arecession
Bdepression
Cdeflation
Dstagflation
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Question 39
waec2003
money becomes a very poor store of value in a period of
Adeflation
Bdepression
Crecession
Dinflation
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Question 40
waec2003
The demand for money is
Aderived demand
Bcomposite demand
Cjoint demand
Dcomplimentary demand
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Question 41
waec2003
Efficient distribution of goods in West Africa will be facilitated by
Apoor storage facility
Badequate transportation system
Chigh standard of living
Dhigh cost of living
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Question 42
waec2003
one of the factors responsible for low agricultural production in West Africa is
Ainadequate labour
Bshortage of lands
Cinadequate implements
Dinadequate research
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Question 43
waec2003
The economic goals of public corporation is to
Amaximize profits
Bexpand assets
Cminimize cost
Dprovide essential services
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Question 44
waec2003
The shares which do not carry any fixed rate of dividend are known as
Adebenture
Bcummulative preference shares
Cordianry shares
Dparticipating preferencial shares
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Question 45
waec2003
one advantage of the sole proprietor is that
Acontrol and supervise is under one man
Baccounts must be publisized
Cit is always successful
Dfunds are easy to obtain
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Question 46
waec2003
Which of the following is a type of business organization?
Astock exchange
Binsurance company
Cchain stores
Dco-operatives
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Question 47
waec2003
The most common type of business in West African countries is
Ajoint-stock companies
Bsole proprietorships
CPartnership
Dpublic enterprises
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Question 48
waec2003
Price elasticity supply measures the responsiveness of quantity supplied to
Achange in suppliers' income
Bchange in price of otther commodities
Ca change in the rpice of the commodities
Da change in the demand for the products
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Question 49
waec2003
If the quantity demanded of a commodity increases from 20 to 30 units where there is an increase in price from 4naira to 5 naira, the elasticity of demand is
