Waec Economics 1995 Past Questions and Answers

Question 31:

• WAEC 1995

Which of the following best describes the multiplier?

A. Products of income and expenditure
B. Curves of savings and expenditure
C. Ratio of change in income to the expenditure that brought it about
D. Constant level of income
E. Equality of marginal propensity to consume and save

Question 32:

• WAEC 1995

Net National Product (NNP) is equal to the

A. Gross Domestic Product (GDP) less depreciation
B. Gross National Products (GNP) less depreciation
C. Gross Domestic Products (GDP) plus depreciation
D. Gross National Products (GNP) plus depreciation
E. Gross National Income plus Taxation

Question 33:

• WAEC 1995

Terms of trade simply means the price

A. Ratio of import to export
B. Ratio of export multiplied by import
C. Ratio of export to import
D. Ratio of export multiplied by price ratio of import
E. Of export minus price of import

Question 34:

• WAEC 1995

Balance of trade can be define as

A. The value of import in relation to the value of a country's exports
B. The price ratio of imports as against that of exports
C. Equality in the total receipts and payments of a country in a year
D. Percentage value of imports over percentage value of exports
E. Price of exports versus price of imports

Question 35:

• WAEC 1995

Which of the following is not a feature of a perfect market?

A. Large number of buyersand sellers
B. Homogeneity of products
C. Preferential treatment
D. Absence of transport cost
E. Perfect knowledge of market situation