Economics 1995 Waec Past Questions and Answers

Question 11 :

• WAEC 1995

Effective demand in economics means

A. The desire for a commodity
B. A proposal to purchase a good on credit
C. The desire for a commodity or service backed by purchasing power
D. An irrevocable instruction to the seller to meet up the need of the buyers
E. The propensiyt to consume googd produced by manufacturers

Question 12 :

• WAEC 1995

Government can influence aggregate demand through all the following measures except

A. Reduction in personal income tax
B. Retirement of director-general in the public service
C. Creation of employment opportunities
D. Compulsory deduction from salaries of all categories of workers
E. Upward revision of workers fringe benefits

Question 13 :

• WAEC 1995

The term production in Economics means

A. Manufacturing of goods
B. The creation of utilities
C. Giving birth to children
D. The distribution of goods and services
E. Using labour in creating something

Question 14 :

• WAEC 1995

Under the socialist economy , the decision on what to produce is determined by the

A. Producer
B. Level of expected profit
C. Price
D. Government
E. Preference of consumers

Question 15 :

• WAEC 1995

Credit creation by banks is limited by

A. An increase in bank deposits
B. The establishment of specialized banks
C. The non-availability of clllateral security
D. The use of cheques for all transactions of the banks
E. Abolishing the reverse ratio