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Economics 2024 WAEC Past Questions

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31

 An advantage a small firm has over a large firm is that the former can better

  • A. enjoy financial economics of scale
  • B. satisfy individual tastes.
  • C. enjoy internal economics of scale.
  • D. attract huge discounts on inputs.
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32

National income estimates will be understated as a result of the activities of

  • A. subsistence farmers.
  • B. musicians.
  • C. laundry women.
  • D. housekeepers.
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33

Use the table below to answer this question.

 Gross National Product  $400m
 Depreciation  $100m
 Total Population  25m

The value of Net National Product is

  • A. $100 m
  • B. $275 m
  • C. $300 m
  • D. $500m
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34

Use the table below to answer this question.

 Gross National Product  $400m
 Depreciation  $100m
 Total Population  25m

The value of per capita income is

  • A. $20.
  • B. $12.
  • C. $16.
  • D. $4.
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35

One effect of inflation is that

  • A. money's purchasing power will increase.
  • B. the real incomes of workers will rise.
  • C. both borrowers and lenders benefit from it.
  • D. money's purchasing power will fall.
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