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1581
which of the following defines Economics most comprehensively ?
  • A. The study of buying and selling
  • B. The organization of industries and markets
  • C. The study of human behaviour in the allocation of scarce resources
  • D. National development, planning and budgeting
  • E. The study of market forces as they affected human behaviour
View Answer & Discuss WAEC 1992
1582
A society that is on its production possibility curve
  • A. has attained full employment but not full production
  • B. has attained full production but not full employment
  • C. is using its resources inefficiently
  • D. has attained both full employment and full production
  • E. has a lower output level than it should have
View Answer & Discuss WAEC 1992
1583
Money becomes a very poor store
money becomes a very poor stone of value in a period of
  • A. deflation
  • B. stable prices
  • C. recession
  • D. inflation
  • E. harvest
View Answer & Discuss WAEC 1992
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1584
Economic growth is the
  • A. rate of increase in a country's full employment and real output
  • B. rate of increase in a nation's total population
  • C. rate of increase in inflation
  • D. rate of decrease inflation
  • E. growth in birth rate
View Answer & Discuss WAEC 1992
1585
The market price of a commodity is determine by the
  • A. total number of people in the market
  • B. total demand for the commodity
  • C. quantity of the commodity supplied
  • D. interaction of demand and supply
  • E. law of demand
View Answer & Discuss WAEC 1992
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