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.
Mr Idowu needs a television and a refrigerator. Each cost N500.00, the exact amount he has . If Mr. Idowu buys the television , the refrigerator would be regarded as the
Amarginal cost
Binferior item
Copportunity cost
Dsupplementary item
Eprime cost
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Question 742
waec1994
which of the following is not a problem of distribution of goods in Nigeria?
Apoor communication network
Binadequate storage facilities
Cignorance of consumers
DDishonesty of middlemen
Einadequate market
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Question 743
waec1994
one of the function of a commercial bank is that it
Ais responsible for formulating monetary policies
Baccepts demand and time deposits from constomers
Cis the lender of the last resort
Dis the banker of the government
Eis responsible for issuing currency notes
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Question 744
waec1994
The difference between the Gross Domestic Product (GDP) and the Gross National Product (GNP) is the
Aallowance for total depreciation
Btotal interest payment
Cnet income from abroad
Dtotal tax and interest payment
Enet internally generated income
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Question 745
waec1994
The decision to consume more of one product swill under normal circumstances imply that
Amore of another product will be consumed
Bless of something else will be consumed
Cno other product will be consumed
Ddecision-making is basic in economics
Eenough resources are available
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Question 746
waec1994
To the economist a stock of goods existing at a a particular time and conforming to certain requirements such as having utility, money value and being limited in supply , is known as
Aconsumer goods
Bproducts
Cwealth
Dcommercial goods
Edurable goods
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Question 747
waec1994
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 748
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 749
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 750
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 751
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 752
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 753
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 754
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 755
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 756
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 757
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 758
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 759
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 760
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
