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Economics Past Questions and Answers

Waec Economics Questions

Question 1381:

Which of following is not a feature of socialism?

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

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Question 1382:

Households make economic decisions because they want to

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

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Question 1383:

A normal supply curve has a positive slope which indicates that

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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

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Question 1384:

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

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

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Question 1385:

Disposable income is the income earned

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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

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