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Economics 1988 WAEC Past Questions

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21
Which of these best explains Malthusians theory of population?
  • A. Increase in population cause hunger and death
  • B. The population increase faster than food supply
  • C. The population grows at arithmetic progression while food production grows at geometric progression
  • D. People could be sent to ‘No man’s land’ when the population increases
  • E. People should produce as many children as they could to because passion cannot be controlled
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22
Which of the following are the most liquid assets to a commercial bank?
  • A. Money at call and short notice
  • B. Treasury Bills
  • C. Commercial Bills
  • D. Stock and Shares
  • E. Cash
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23
Which of the following statements is true about terms of trade?
  • A. Terms of trade shows the difference between the values of export and imports
  • B. Terms of trade indicate the rate at which exports exchange for imports
  • C. It is the ration of price index of exports to imports
  • D. It is usually expressed as percentage
  • E. A rise in the price of export relative to imports is an improvement
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24
Which of these does not relate to the law of comparative advantage?
  • A. The law of comparative advantage was propounded by David Ricardo
  • B. The law stresses the importance of relative efficiency
  • C. In order to specialize, a country must have absolute advantage
  • D. The law is based on opportunity cost principle
  • E. The principle if followed, should increase total world output
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25
A condition which adversely affects expansion of production is
  • A. Effective management
  • B. Limited size of the market
  • C. Availability of funds
  • D. Increased profit prospects
  • E. Increasing returns to scale
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