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Economics 2013 WAEC Past Questions

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1
The action of government to forgo road construction in order to provide more health facilities denotes
  • A. sound economic decision
  • B. opportunity cost
  • C. practicable government policy
  • D. scale of preference
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2
In Economics , a market is defined as any
  • A. agreement made for consumers to buy all they need
  • B. ngement made for producers sell all their goods
  • C. agreement to sell commodities at low prices
  • D. arrangement whereby the buyers and sellers are in contact
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3
Which of the following is not a function of an insurance company?
  • A. pooling resources together against risks
  • B. Mobilization of funds through premiums collected
  • C. Encouragement of investment by security of capital
  • D. collection of deposits from the public for investment
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4

A debenture holder earns

  • A. commission
  • B. profits
  • C. fixed interest
  • D. quasi-rent
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5
All economic systems must decide what to produce because
  • A. resources are not available
  • B. consumers want maximum satisfaction
  • C. resources are limited in supply
  • D. producers want maximum profit
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