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Economics 1999 WAEC Past Questions

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26
In a socialist economy, factors of production are owned and controlled by the
  • A. citizens
  • B. businessmen
  • C. government
  • D. foreigners
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27
One quality of money which makes it possible to be carried easily is its
  • A. Scarcity
  • B. Durability
  • C. portability
  • D. acceptability
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28
A form of tax in which the poor pay a higher rate than the rich is known as
  • A. regressive tax
  • B. backward tax
  • C. oppressive tax
  • D. retrogressive tax
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29
The reduction in the value of a country's currency of other nations is known as
  • A. deflation
  • B. devaluation
  • C. inflation
  • D. revaluation
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30
The creation of utility can be referred to as
  • A. value added
  • B. profit maximization
  • C. entreprenuership
  • D. production
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts