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1571
Which of the following statements is not true in an inflationary period?
  • A. the purchasing power diminishes
  • B. Wages rise simultaneously with prices
  • C. More money runs after a limited quantity of goods
  • D. Fixed income earners lose
  • E. Aggregate real demand exceeds aggregate real supply
View Answer & Discuss (1) WAEC 1991
1572
Palm oil industry in located in Bendel State because the state
  • A. imports raw materials for the industry
  • B. has a poor soil which is unsuitable for other crops
  • C. is a palm-tree growing area
  • D. government does not engage in the growing of other crops
  • E. has the highest demands for apl oil in Nigeria
View Answer & Discuss WAEC 1991
1573
Which of the following is not an argument for locating industries in rural areas?
  • A. Rural areas supply agricultural raw materials
  • B. the pace of development of rural areas will be quicken
  • C. Employment will be for rural inhabitants
  • D. capital is easily available in rural areas
  • E. Rural-urban migration will decrease
View Answer & Discuss WAEC 1991
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1574
Economics is a social science because it
  • A. deals with an aspect of hman behaviour
  • B. provides people with commodity they want
  • C. deals with limited resources which have alternative uses
  • D. deals with the production of goods for present and future consumption
  • E. is related to how choice is made
View Answer & Discuss WAEC 1992
1575
Scarcity in Economics generally refers to
  • A. a period of production
  • B. hoarding of goods
  • C. monopolization of existing supply of resources
  • D. period of famine
  • E. resources being limited
View Answer & Discuss WAEC 1992
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