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Economics 1997 WAEC Past Questions

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11
which of the following is not a problem in the barter economy?
  • A. multiple exchange rate
  • B. indivisibility of goods and services
  • C. double coincidence of wants
  • D. bulkness of commodities
  • E. inflation
View Answer & Discuss WAEC 1997
12
The optimum population of a country is reached when the
  • A. production of goodsand sevices is less than optimum
  • B. output per head is at its highest with a given volume of resources
  • C. total production increases with a given volume of resources
  • D. national resources increases as population increases
  • E. working population rises at a geometrical rate
View Answer & Discuss WAEC 1997
13
when the death rate for old people and the infant mortality rate are high , with no migration , there will be in the population a higher number of
  • A. younger people in the population
  • B. children in the population
  • C. old people in the population
  • D. women in the population
  • E. men in the population
View Answer & Discuss (1) WAEC 1997
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14
In the long-run, potential GNP is variable because. I technological change takes place II the quantity of labour and capital is not fixed III. unemployment is not constant
  • A. I only
  • B. II only
  • C. I and II only
  • D. I and III only
  • E. III only
View Answer & Discuss WAEC 1997
15
for two commodities A and B, MA and MB are the respective marginal utilities while PA and PB are the respective prices. Marginal utilities of the commodities are maximized when
  • A. MA/PA = MB/PB
  • B. MA/PA > MB/PB
  • C. MA/PA < MB/PB
  • D. PA/MA < PB/MB
  • E. PA/MA > PB/MB
View Answer & Discuss WAEC 1997
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