Economics Past Questions

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1666

The difference between the Gross Domestic Product (GDP) and the Gross National Product (GNP) is the

A. allowance for total depreciation
B. total interest payment
C. net income from abroad
D. total tax and interest payment
E. net internally generated income

View Answer & Discuss WAEC 1994

1667

one of the function of a commercial bank is that it

A. is responsible for formulating monetary policies
B. accepts demand and time deposits from constomers
C. is the lender of the last resort
D. is the banker of the government
E. is responsible for issuing currency notes

View Answer & Discuss WAEC 1994

1668

which of the following is not a problem of distribution of goods in Nigeria?

A. poor communication network
B. inadequate storage facilities
C. ignorance of consumers
D. Dishonesty of middlemen
E. inadequate market

View Answer & Discuss WAEC 1994

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1669

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

A. marginal cost
B. inferior item
C. opportunity cost
D. supplementary item
E. prime cost

View Answer & Discuss WAEC 1994

1670

Petro-chemicals industries are located in River State of Nigeria due to the presence of

A. a favourable climate
B. coal deposits
C. oil palm products
D. an undullating terrain
E. oil deposits

View Answer & Discuss WAEC 1994

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