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Economics Past Questions and Answers

Waec Economics Questions

Question 1746:

The total value of goods and services produced within the borders of a country is

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A Net national product
B Net domestic product
C Gross domestic product
D Gross national product

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Question 1747:

Which of the following factors will not underestimate the national income?

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A Rapid decrease in prices
B Increased subsistence production
C Practice of specialization of labour
D Increase in value of services not paid for

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Question 1748:

Which of the following items is not considered as a transfer payment?

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A Pension pay
B Government subsidy
C Students' grant
D Doctor's salary

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Question 1749:

Which of the following is true of the value of money? It _____________

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A Is positively related to the price level
B Depends on the value people attach to it
C Is determined by the government
D Is inversely related to the price level

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Question 1750:

The motive for holding money to meet unforeseen events is termed _____________

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A Precautionary demand
B Transactions demand
C Liquidity demand
D Speculative demand

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