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 hard currencies is usually used in the pricing of oil at the world market particularly by the Organization of Petroleum Exporting Countries (OPEC)? The
AUS dollar
BJapanese Yen
CPound Sterling
DDeutschemark
ENaira
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Question 2
waec1989
The downward sloping of the Average Revenue curve of the monopolist indicates that he
ACan control both output and price
BCan only break-even
CCan control either the output or the price, but not both
DCan’t control anything
EExploit the consumer
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Question 3
waec1989
The reward of a debenture holder of a public company is a fixed rate of
AInterest
BReturn
CDividend
DRent
EAllowance
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Question 4
waec1989
Industry can simply be defined as
AMany firms producing different products
BA firm or firms producing similar goods and services
CDifferent firms producing different goods
DDifferent firms producing equal number of similar goods and services
EMany firms producing unidentical goods and services
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Question 5
waec1989
which of these does not encourage industrial development?
ATax exemption
BProvision of financial institution
CProvision of infrastructural facilities
DLimitation of markets for industruial products
EGovernment direct participation
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Question 6
waec1989
which of these does not encourage industrial development?
ATax exemption
BProvision of financial institution
CProvision of infrastructural facilities
DLimitation of markets for industruial products
EGovernment direct participation
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Question 7
waec1989
Inflation in any economy
AHas no monetary connection
BImplies a sustained decrease in the general price level
CAlways increase the value of national currency
DTends to redistribute income arbitrarily
ETends to bring down market prices
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Question 8
waec1989
Wages are to some extent determine by the
AMarginal utility of labour
BMarginal productivity of labour
CAverage productivity of labour
DTotal productivity of labour
EAmount of goods and services that the wage can fetch
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Question 9
waec1989
A legal tender is any
Aform of money
Bmeans of exchange authorized by the state
Ccommodity generally acceptable as a meduim of exchange
Dtotal productivity of labour
Eamount of goods and services that the wage can fetch
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Question 10
waec1989
which of the following is the most important reason why wages differ among occupations?
ALength and cost of training
BSupply of labour
CAttractiveness of the job
Dinfluence of trade unions
EGovernment decision
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Question 11
waec1989
The grouping of a population into males and females is known as the
Ageographical distribution
Bage distribution
Csex distribution
Dman-woman distribution
Eoccupational distribution
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Question 12
waec1989
Distribution is part of production because it
AMakes goods and services available to the final consumer
BTransport the goods from place to place
COffers employment to people
DEncourages the provision of good roads, waterways and railways
ELinks the consumer with the producer
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Question 13
waec1989
in a rapidly growing economy where human labour is being replaced by machines, there is likely to be
Aclassical unemployment
Bfrictional unemployment
Cseasonal unemployment
Dresidual unemployment
Ecyclical unemployment
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Question 14
waec1989
The money paid per hour or week for work done is known as
Acost
Btime rate
Cbonus
Dwage rate
Elabour
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Question 15
waec1989
which of the following is not correct?
APopulation refers to number of people living in a place
BThe population of a place is not static
CPopulation is known through a census
DPopulation is affected by the amount of money in circulation
EPopulation can be affected by natural disaster
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Question 16
waec1989
a person who buys in bulk and sells in bit is a
Amanufacturer
Bsales representative
Cretailer
Dadvertiser
Edistributor
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Question 17
waec1989
the movement of a worker from one grade to another within the same industry is a form of mobility of labour which is
Ageographical
Bvertical
Coccupational
Dhorizontal
Elateral
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Question 18
waec1989
Which of the following is the normal channel by which the commodities reach the final consumer?
