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Economics WAEC Past Questions

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156
A society that is on its production possibility curve
  • A. has attained full employment but not full production
  • B. has attained full production but not full employment
  • C. is using its resources inefficiently
  • D. has attained both full employment and full production
  • E. has a lower output level than it should have
View Answer & Discuss WAEC 1992
157
Money becomes a very poor store
money becomes a very poor stone of value in a period of
  • A. deflation
  • B. stable prices
  • C. recession
  • D. inflation
  • E. harvest
View Answer & Discuss WAEC 1992
158
Economic growth is the
  • A. rate of increase in a country's full employment and real output
  • B. rate of increase in a nation's total population
  • C. rate of increase in inflation
  • D. rate of decrease inflation
  • E. growth in birth rate
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159
The market price of a commodity is determine by the
  • A. total number of people in the market
  • B. total demand for the commodity
  • C. quantity of the commodity supplied
  • D. interaction of demand and supply
  • E. law of demand
View Answer & Discuss WAEC 1992
160
if the price of margarine rises substantially, the equilibrium price and quantity of butter demand will
  • A. decrease
  • B. increase
  • C. remain constant
  • D. fluctuate
  • E. be inelastic
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