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Economics 2013 WAEC Past Questions

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16

Why would an individual increase his level of consumption during inflationary periods?

  • A. The real value of any amount saved falls over time
  • B. Interest rates are generally low
  • C. There are varieties of goods to buy
  • D. Wages and salaries stagnate during inflation
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17
The type of monopoly that develops as a result of uneven distribution of resources is called
  • A. legal monopoly
  • B. natural monopoly
  • C. state monopoly
  • D. international monopoly
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18

Goods which have to be paid for are known as

  • A. physical goods
  • B. economic goods
  • C. free goods
  • D. intangible goods
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19

Goods are said to be in competitive demand when they are

  • A. substitutes
  • B. complementary
  • C. jointly demanded
  • D. identical
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20

In the long term run factors of production are considered to be

  • A. at maximum
  • B. fixed
  • C. variable
  • D. increasing
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