Search SchoolNGR

Economics Past Questions and Answers

[share]

Waec Economics Questions

Question 336:

Giffen commodities are those commodities

SchoolNGR Classroom

A Which gives rise to a cobweb situation
B For which demand increases as price increases
C Which have a low price elasticity of demand
D Which are in short supply
E Which have a high income elasticity of demand

View Answer & Explanation

Question 337:

Effective demand in economics means

SchoolNGR Classroom

A The desire for a commodity
B A proposal to purchase a good on credit
C The desire for a commodity or service backed by purchasing power
D An irrevocable instruction to the seller to meet up the need of the buyers
E The propensiyt to consume googd produced by manufacturers

View Answer & Explanation

Question 338:

Government can influence aggregate demand through all the following measures except

SchoolNGR Classroom

A Reduction in personal income tax
B Retirement of director-general in the public service
C Creation of employment opportunities
D Compulsory deduction from salaries of all categories of workers
E Upward revision of workers fringe benefits

View Answer & Explanation

Question 339:

The term production in Economics means

SchoolNGR Classroom

A Manufacturing of goods
B The creation of utilities
C Giving birth to children
D The distribution of goods and services
E Using labour in creating something

View Answer & Explanation

Question 340:

Under the socialist economy , the decision on what to produce is determined by the

SchoolNGR Classroom

A Producer
B Level of expected profit
C Price
D Government
E Preference of consumers

View Answer & Explanation

Stay Updated

Follow us on:

Subjects