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3361
In a socialist economy, prices of commodities are determined by
  • A. forces of demand and supply
  • B. producers of the commodities
  • C. the central planning authority
  • D. consumers who are sovereign
View Answer & Discuss (1) WAEC 2016
3362
Which of the following cannot be classified as land in economics
  • A. Bauxite deposit in the ground
  • B. A lake used for irrigation
  • C. A bulldozer for clearing farm land
  • D. Grazing field for cattle
View Answer & Discuss (1) WAEC 2016
3363
A country allocation to various sectors of the economy is shown in the pie chat below, use it to answer question 5 and 6

If the budget of the country was $7,200, how much is allocated to Education?
  • A. $2,400.00
  • B. $2,000.00
  • C. $1,200.00
  • D. $1,000.00
View Answer & Discuss (3) WAEC 2016
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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3364

A country's budget allocation to various sectors of the economy is shown in the pie chart above. Use it to answer the question below.

What is the ratio of expenditure on health to agriculture?

  • A. 2:3
  • B. 3:4
  • C. 4:3
  • D. 5:4
View Answer & Discuss (5) WAEC 2016
3365

The demand curve for neccessity is usually

  • A. vertical
  • B. backward bending
  • C. horizontal
  • D. negatively sloped
View Answer & Discuss (1) WAEC 2016
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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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