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Economics WAEC Past Questions

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746
In calculating the national income of a country x, the cost of both raw materials and the finished products were included. This is a case of
  • A. double counting
  • B. price fluctuation
  • C. price differentiation
  • D. price discrimination
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747
Economic development is define as
  • A. Outward shift of the production possibility curve
  • B. Availability of more goods and services
  • C. Growth accompanied by qualitative change in living standards
  • D. Growth in the national income
View Answer & Discuss WAEC 2005
748
Which of the following is not an objective of the Organization of Petroleum Exporting Countries (OPEC)?
  • A. Stabilization of oil prices
  • B. Co-ordinating prices
  • C. Co-ordinating prices
  • D. Stagnation of developed economies
View Answer & Discuss WAEC 2005
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749
The study of economics enables the individuals to
  • A. change jobs
  • B. evades taxes
  • C. accumulate huge wealth
  • D. make rational decisions
View Answer & Discuss WAEC 2006
750
Most of the problems of economics arises as a result of
  • A. competing demand for scarce resources
  • B. increase in the demand for more goods and services
  • C. the desire of producers to supply more goods and services
  • D. the need to reduce the level of poverty
View Answer & Discuss WAEC 2006
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