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 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 692
waec1997
The value of money is affected by the
Aspeculative motive
Bprice level
Ctransactionary motive
Dprecautionary motive
Eemployment level
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Question 693
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 694
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 695
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 696
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 697
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 698
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
Dproducers fixed the price of goods produced
Egoods and services gets to the retailer
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Question 699
waec1997
which of the following has a derived demand?
Alabour
Bbutter
Ctelevision set
Dbreads
Emotor cars
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Question 700
waec1997
Scarcity in Economics means that
Athe economy can scarecely produce anything
Bhuman wants are limitless
Cthe economy has very few resources
Dhuman wants are limited, relative to resources
Eresources are limited relative to wants
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Question 701
waec1997
Economics is often described as a science because it
Aadopts the use of laboratory experiments
Binvolves accurate predictions of human beings
Cmakes use of controlled experiment
Duse scientific methods to explain observed phenomena
Edeals with observation and field work
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Question 702
waec1996
An economic system in which most means of production are owned and controlled by the State is known as a
Asocialist economy
Bcapitalist economy
Cmixed economy
Dpolitical economy
Efeudal economy
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Question 703
waec1996
The International Monetary Fund (IMF) is an international organization which
Agives annual grants to all developing countries
Bassist countries to solve their balance of payment problems
Cexecute their development projects
Dhelp to promote regional economic groupings
Eis owned by all developed countries
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Question 704
waec1996
The United Nation Conference on Trade and Development (UNCTAD) is a forum designed specifically for discussing the
Apolitical conflicts in the United Nation Security Council
Beducational needs of the developed countires
Creligious affairs in the Southern Africa
Drevenue allocation in Nigeria
Ebetter terms of trade in the world
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Question 705
waec1996
The international cartel formed to stabilize the world oil market is the
AEconomic Commissioner for Africa
BInternational Monetary Fund
COrganization of Petroleum Exporting Countries
DOrganization of Petroleum Importing Countries
EInternational Trade Organization
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Question 706
waec1996
The petroleum industry in Nigeria is an example of a
Acapital-intensive industry
Bservice industry
Clabour-intensive industry
Dtertiary production industry
Elocalized industry
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Question 707
waec1996
The hourly wages of five employees of the Nigerian Port Authority are N2.52, N3.96, N9.20, and N3.75 respectively. The median hourly wage is
AN2.52
BN3.28
CN3.75
DN3.96
EN9.20
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Question 708
waec1996
Economic growth specifically refers to the
Areliance on imported goods in preference to home-made goods
Bsustained increase in the output of goods and services per head
Cchange in technical and institutional arangment of the economy
Dcontinued increase in the depletion of a country's natural resources
Eincrease in the total number of people in the economy
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Question 709
waec1996
Who bears the greater burden of the indirect tax when the demand for a commodity is inelastic? The
Awholesaler
Bshareholders
Cretailer
Dconsumers
Eentreprenuer
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Question 710
waec1996
The current and capital accounts in Nigeria’s balance of payments contain all the following items except
