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Economics WAEC Past Questions

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266
Giffen commodities are those commodities
  • A. which gives rise to a cobweb situation
  • B. for which demand increases as price increases
  • C. which have a low price elasticity of demand
  • D. which are in short supply
  • E. which have a high income elasticity of demand
View Answer & Discuss WAEC 1995
267
Effective demand in economics means
  • A. the desire for a commodity
  • B. a proposal to purchase a good on credit
  • C. the desire for a commodity or service backed by purchasing power
  • D. an irrevocable instruction to the seller to meet up the need of the buyers
  • E. the propensiyt to consume googd produced by manufacturers
View Answer & Discuss WAEC 1995
268
Government can influence aggregate demand through all the following measures except
  • A. reduction in personal income tax
  • B. retirement of director-general in the public service
  • C. creation of employment opportunities
  • D. compulsory deduction from salaries of all categories of workers
  • E. upward revision of workers fringe benefits
View Answer & Discuss WAEC 1995
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269
The term production in Economics means
  • A. manufacturing of goods
  • B. the creation of utilities
  • C. giving birth to children
  • D. the distribution of goods and services
  • E. using labour in creating something
View Answer & Discuss (1) WAEC 1995
270
Under the socialist economy , the decision on what to produce is determined by the
  • A. producer
  • B. level of expected profit
  • C. price
  • D. Government
  • E. preference of consumers
View Answer & Discuss WAEC 1995
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