Economics WAEC Past Questions

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366

If an economy grows at an annual rate of 6% of which 4% is deemed to be due to improvement in the productivity of labour and capital combined ,the remaining 2% is generally attributed to the

A. amount of natural resources
B. improvement in banking services
C. size of the population
D. quality of human resources
E. improvement in government fiscal policies

View Answer & Discuss WAEC 1997

367

when the government imposes a unit tax on a commodity with perfectly inelastic demand , the

A. tax is borne entirley by the seller
B. tax is shared equally between the buyer and the seller
C. seller bears 70% and the consumer bears 30% of the tax
D. tax is borne entirely by the consumer
E. tax is borne by nobody

View Answer & Discuss (1) WAEC 1997

368

Free Trade means

A. producers are free to determine their prices
B. market forces are allowed to determine prices
C. non-restriction of international trade
D. goods are to be sold free of charge
E. people are free to buy in foreign countries

View Answer & Discuss WAEC 1997

369

In a public company , entrepreneural function are performed by the

A. workers
B. shareholders
C. creditors
D. board of directors
E. chairman

View Answer & Discuss WAEC 1997

370

Term of trade is the

A. ratio of capital movement to export movements
B. ratio of import to short-term export
C. difference between export and import
D. ratio of short-term capital movement to long-term capital movements
E. ratio of index of export prices to index of import prices

View Answer & Discuss (3) WAEC 1997

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Economics WAEC Past Questions

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