Waec Economics 1997 Past Questions and Answers

Question 21:

• WAEC 1997

the actual output of an economy is the output

A. Which would exist if al resources were fully employed
B. Produced by currently employed labour capital and land
C. Produced in the consumer goods sector
D. Produced in the capital goods sector
E. Produced by agriculture sector

Question 22:

• WAEC 1997

one of the instruments of protection of infants industries is the

A. Price control board
B. Open market operation
C. Tarrif
D. GDP-deflator
E. Multiplier

Question 23:

• WAEC 1997

inflation caused by increase in demand can be curbed by

A. Exporting more goods and services
B. Hoarding of goods
C. Increasing the level of output
D. Increasing the level of money supply
E. Reducing importation

Question 24:

• WAEC 1997

which of the following is a function of commercial banks?

A. Issuing currencies
B. Accepts deposits
C. Are the bankers' bank
D. Determine the rate of interest
E. Increase of time in learning a trade

Question 25:

• WAEC 1997

Division of labour leads to

A. Employment of everybody
B. Decrease in output
C. Monotony of work
D. Increase of time in workshops
E. Increase of time in learning a trade