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Economics WAEC Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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236
Mono-products economics are those that
  • A. have a rich culture heritage
  • B. produce only raw materials
  • C. live on the exportation of their raw products
  • D. produce one main commodity
  • E. specialize in agricultural industries
View Answer & Discuss WAEC 1994
237
A Nigerian household demand curve for semovita is downward sloping because
  • A. the demand for semovita is high
  • B. the local markets are flooded with semovita
  • C. semovita is produced in Nigeria
  • D. every household can afford to buy semovita
  • E. the higher the price of semovita, the lower the quantity demanded
View Answer & Discuss WAEC 1994
238
To the economist a stock of goods existing at a a particular time and conforming to certain requirements such as having utility, money value and being limited in supply , is known as
  • A. consumer goods
  • B. products
  • C. wealth
  • D. commercial goods
  • E. durable goods
View Answer & Discuss WAEC 1994
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239
The decision to consume more of one product swill under normal circumstances imply that
  • A. more of another product will be consumed
  • B. less of something else will be consumed
  • C. no other product will be consumed
  • D. decision-making is basic in economics
  • E. enough resources are available
View Answer & Discuss WAEC 1994
240
The difference between the Gross Domestic Product (GDP) and the Gross National Product (GNP) is the
  • A. allowance for total depreciation
  • B. total interest payment
  • C. net income from abroad
  • D. total tax and interest payment
  • E. net internally generated income
View Answer & Discuss WAEC 1994
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