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Economics 1994 WAEC Past Questions

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16
To the economist a stock of goods existing at a a particular time and conforming to certain requirements such as having utility, money value and being limited in supply , is known as
  • A. consumer goods
  • B. products
  • C. wealth
  • D. commercial goods
  • E. durable goods
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17
The decision to consume more of one product swill under normal circumstances imply that
  • A. more of another product will be consumed
  • B. less of something else will be consumed
  • C. no other product will be consumed
  • D. decision-making is basic in economics
  • E. enough resources are available
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18
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
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19
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
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20
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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