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Economics WAEC Past Questions

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36
The term marginal propensity to consume can best be explained as the
  • A. Desire to spend more income on consumption
  • B. Change in consumption as a percentage of change in income
  • C. Average regularly spend on consumption
  • D. Total expenditure on consumption
  • E. Inclination to spend only a little on consumption
View Answer & Discuss WAEC 1988
37
Subsistence farming means producing food
  • A. Mainly for the need of our immediate and extended family
  • B. Crops for sale mainly
  • C. Crops mainly for export
  • D. To feed the community around
  • E. In order to satisfy the government directives
View Answer & Discuss WAEC 1988
38
Scarcity in Economics means that resources
  • A. Are not enough to share among producers of goods and services
  • B. Needed to satisfy human wants are limited
  • C. Are never enough to share among consumers of goods and services
  • D. Required to meet our essential wants are unlimited
  • E. Can be managed if those who use them can behave rationally
View Answer & Discuss WAEC 1989
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39
A table which shows the price of a commodity and the quantity of it that is demanded per unit time is a
  • A. Time series
  • B. Demand series
  • C. Demand curve
  • D. Demand schedule
  • E. Time schedule
View Answer & Discuss WAEC 1989
40
The greatest disadvantages f barter system is the need for
  • A. Durability
  • B. Divisibility
  • C. Homogeneity
  • D. Double coincidence of wants
  • E. Portability
View Answer & Discuss WAEC 1989
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