Waec Economics Past Questions and Answers

Question 1381:

• WAEC 2014

Which of following is not a feature of socialism?

A. Collective ownership of productive resources
B. Freedom of enterprise
C. Production is not based on the profit motive
D. Maximization of public welfare

Question 1382:

• WAEC 2014

Households make economic decisions because they want to

A. Make more profit
B. Increase their salaries and wages
C. Increase their purchases
D. Maximize their satisfaction

Question 1383:

• WAEC 2014

A normal supply curve has a positive slope which indicates that

A. Sellers are willing to sell more at a lower price
B. Sellers are indifferent to prices
C. Sellers are willing to sell more at a higher price
D. There is always a fixed supply

Question 1384:

• WAEC 2014

To control inflation, the central bank of a country may adopt

A. An expansionary monetary policy
B. A restrictive monetary policy
C. An increased wage policy
D. A deficit financing policy

Question 1385:

• WAEC 2014

Disposable income is the income earned

A. By the nationals of a country resident within the country
B. From prouctive activities of nationals of a country both at home and abroad
C. When personal income tax is deducted from personal income
D. When the gross income of an individual is added to person income tax