Waec Economics 1994 Past Questions and Answers

Question 16:

• WAEC 1994

A Nigerian household demand curve for semovita is downward sloping because

A. The demand for semovita is high
B. The local markets are flooded with semovita
C. Semovita is produced in Nigeria
D. Every household can afford to buy semovita
E. The higher the price of semovita, the lower the quantity demanded

Question 17:

• WAEC 1994

To the economist a stock of goods existing at a a particular time and conforming to certain requirements such as having utility, money value and being limited in supply , is known as

A. Consumer goods
B. Products
C. Wealth
D. Commercial goods
E. Durable goods

Question 18:

• WAEC 1994

The decision to consume more of one product swill under normal circumstances imply that

A. More of another product will be consumed
B. Less of something else will be consumed
C. No other product will be consumed
D. Decision-making is basic in economics
E. Enough resources are available

Question 19:

• WAEC 1994

The difference between the Gross Domestic Product (GDP) and the Gross National Product (GNP) is the

A. Allowance for total depreciation
B. Total interest payment
C. Net income from abroad
D. Total tax and interest payment
E. Net internally generated income

Question 20:

• WAEC 1994

one of the function of a commercial bank is that it

A. Is responsible for formulating monetary policies
B. Accepts demand and time deposits from constomers
C. Is the lender of the last resort
D. Is the banker of the government
E. Is responsible for issuing currency notes