Waec Economics 1992 Past Questions and Answers

Question 11:

• WAEC 1992

Money becomes a very poor store
money becomes a very poor stone of value in a period of

A. Deflation
B. Stable prices
C. Recession
D. Inflation
E. Harvest

Question 12:

• WAEC 1992

Economic growth is the

A. Rate of increase in a country's full employment and real output
B. Rate of increase in a nation's total population
C. Rate of increase in inflation
D. Rate of decrease inflation
E. Growth in birth rate

Question 13:

• WAEC 1992

The market price of a commodity is determine by the

A. Total number of people in the market
B. Total demand for the commodity
C. Quantity of the commodity supplied
D. Interaction of demand and supply
E. Law of demand

Question 14:

• WAEC 1992

if the price of margarine rises substantially, the equilibrium price and quantity of butter demand will

A. Decrease
B. Increase
C. Remain constant
D. Fluctuate
E. Be inelastic

Question 15:

• WAEC 1992

Money as a unit of account implies that it can be

A. Counted in units
B. Use to facilitate exchange
C. Used to measure the value of goods and services
D. Used to store goods and services
E. Used for future payment