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Economics Past Questions

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4096

When a member's currency is declared "scarce", it is the duty of the IMF to______

  • A. suspend the member state indefinitely
  • B. ban all exports from that state
  • C. suspend dealings in that currency for one year
  • D. ration it among the countries demanding it
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4097

The basic and essential economic problems in a community are related to choice and________

  • A. Freedom
  • B. Scarcity
  • C. Social class
  • D. Politics
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4098

Given two substitute goods (X and Y) with demand and supply function;
Qd = 7p - 12
Qs = 4p + 9
Find the magnitude of excess demand when p = ₦18

  • A. 303
  • B. 30
  • C. 114
  • D. 33
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4099

Whatever form an economic system may take, choice is essential for members of the community because resources are__________

  • A. scarce
  • B. unlimited
  • C. free
  • D. many
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4100

A retailer is distinguished by the nature of its sales, which is in___________

  • A. Bulk
  • B. Large
  • C. Units
  • D. Chain
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
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