Waec Economics Past Questions and Answers

Question 196:

• WAEC 1992

A society that is on its production possibility curve

A. Has attained full employment but not full production
B. Has attained full production but not full employment
C. Is using its resources inefficiently
D. Has attained both full employment and full production
E. Has a lower output level than it should have

Question 197:

• WAEC 1992

Money becomes a very poor store
money becomes a very poor stone of value in a period of

A. Deflation
B. Stable prices
C. Recession
D. Inflation
E. Harvest

Question 198:

• WAEC 1992

Economic growth is the

A. Rate of increase in a country's full employment and real output
B. Rate of increase in a nation's total population
C. Rate of increase in inflation
D. Rate of decrease inflation
E. Growth in birth rate

Question 199:

• WAEC 1992

The market price of a commodity is determine by the

A. Total number of people in the market
B. Total demand for the commodity
C. Quantity of the commodity supplied
D. Interaction of demand and supply
E. Law of demand

Question 200:

• WAEC 1992

if the price of margarine rises substantially, the equilibrium price and quantity of butter demand will

A. Decrease
B. Increase
C. Remain constant
D. Fluctuate
E. Be inelastic