Waec Economics Past Questions and Answers

Question 296:

• WAEC 1994

Mono-products economics are those that

A. Have a rich culture heritage
B. Produce only raw materials
C. Live on the exportation of their raw products
D. Produce one main commodity
E. Specialize in agricultural industries

Question 297:

• WAEC 1994

A Nigerian household demand curve for semovita is downward sloping because

A. The demand for semovita is high
B. The local markets are flooded with semovita
C. Semovita is produced in Nigeria
D. Every household can afford to buy semovita
E. The higher the price of semovita, the lower the quantity demanded

Question 298:

• WAEC 1994

To the economist a stock of goods existing at a a particular time and conforming to certain requirements such as having utility, money value and being limited in supply , is known as

A. Consumer goods
B. Products
C. Wealth
D. Commercial goods
E. Durable goods

Question 299:

• WAEC 1994

The decision to consume more of one product swill under normal circumstances imply that

A. More of another product will be consumed
B. Less of something else will be consumed
C. No other product will be consumed
D. Decision-making is basic in economics
E. Enough resources are available

Question 300:

• WAEC 1994

The difference between the Gross Domestic Product (GDP) and the Gross National Product (GNP) is the

A. Allowance for total depreciation
B. Total interest payment
C. Net income from abroad
D. Total tax and interest payment
E. Net internally generated income