WAEC SSCE - Economics - 1997 (Objective)

Pergunta 1 Relatório

In Economics production is complete when

Goods are manufactured in the factories

are sold to the final consumer Resposta correta

goods and services are distributed by the government

producers fixed the price of goods produced

goods and services gets to the retailer

Detalhes da Resposta

Ler a nota de aula em The Theory Of Production (JAMB)

Ler a nota de aula em Theory Of Production (WAEC)

The Theory Of Production

Theory Of Production

Ver Resposta

Pergunta 2 Relatório

Goods are said to be in competitive demand when they

Are substitutes Resposta correta

Are complementary to each other

Are jointly demanded

Have equal coefficient of elasticity

Are identical

Detalhes da Resposta

Goods are said to be in competitive demand when they are substitutes, meaning that consumers can choose to buy one or the other based on factors such as price or personal preference. For example, if the price of tea increases, consumers may switch to buying more coffee instead, indicating that tea and coffee are in competitive demand. This is because they serve a similar function as a hot beverage and are easily interchangeable.

Ler a nota de aula em The Theory Of Demand (JAMB)

Ler a nota de aula em Demand (WAEC)

The Theory Of Demand

Demand

Ver Resposta

Pergunta 3 Relatório

The outward shift to the production possibility curve could be due to

military conquest

increased money supply

inflation

economic growth Resposta correta

massive importation

Detalhes da Resposta

An outward shift in the production possibility curve occurs when a country is able to produce more goods and services with the same resources it had before. Economic growth is the most likely cause of this shift. When a country experiences economic growth, it means that it is producing more goods and services and generating more income. This can be due to various factors, such as increased productivity, new technologies, improved infrastructure, increased investment, or better education and health among the population. As a result of this growth, the country can produce more goods and services, leading to the outward shift in the production possibility curve. Therefore, the correct answer is "economic growth".

Ler a nota de aula em The Theory Of Production (JAMB)

Ler a nota de aula em Economic Growth And Development (JAMB)

The Theory Of Production

Economic Growth And Development

Ver Resposta

Pergunta 4 Relatório

a stock exchange is a market that

deals with the exchange of commodities

deals with purchase and sales of securities Resposta correta

exchanges stockfish for lady fish

exchanges treasury bills for bills of exchange

sells foreign exchange

Detalhes da Resposta

A stock exchange is a market that deals with the purchase and sale of securities. Securities are financial instruments that represent ownership in a company or organization. When a company wants to raise funds, it can issue securities, such as stocks or bonds, which can then be bought and sold on a stock exchange. Investors can buy securities as a way of investing in a company, and they can sell their securities if they need to liquidate their assets. The stock exchange provides a platform for investors to trade securities and allows companies to raise funds through the sale of securities.

Ler a nota de aula em Banking (JAMB)

Banking

Ver Resposta

Pergunta 5 Relatório

international trade is different from internal trade because of the

manufactured goods involved

currency differentials Resposta correta

homogeinty of products

heterogeinty of products

uniformity of prices

Detalhes da Resposta

International trade is different from internal trade because it involves the exchange of goods and services between different countries, while internal trade involves the exchange of goods and services within the same country. The difference is not based on the manufactured goods involved or homogeneity/heterogeneity of products or uniformity of prices, but rather the involvement of currency differentials. In international trade, currencies of different countries are used, and exchange rates play a significant role in determining the prices of goods and services being traded. In contrast, internal trade is conducted using the same currency, and exchange rate fluctuations do not affect prices.

Ler a nota de aula em International Trade (JAMB)

Ler a nota de aula em International Trade And Balance Of Payments (WAEC)

International Trade

International Trade And Balance Of Payments

Ver Resposta

Pergunta 6 Relatório

Free Trade means

producers are free to determine their prices

market forces are allowed to determine prices

non-restriction of international trade Resposta correta

goods are to be sold free of charge

people are free to buy in foreign countries

Detalhes da Resposta

Free trade refers to the absence of restrictions on international trade, such as tariffs, quotas, or other barriers. In a free trade system, goods and services can move freely between countries without significant government intervention or protectionism. This allows producers and consumers to engage in trade with fewer restrictions and typically results in lower prices and a greater variety of goods and services available to consumers.

Ler a nota de aula em International Trade (JAMB)

Ler a nota de aula em Economic Integration (WAEC)

International Trade

Economic Integration

Ver Resposta

Pergunta 7 Relatório

which of the following will not increase the population of a country?

an increase in birth rate

a decrease in death rate

better medical services

immigration

Emigration Resposta correta

Detalhes da Resposta

Emigration will not increase the population of a country because emigration refers to the movement of people out of a country to reside in another country. This means that people are leaving the country, which decreases the population. The other options, such as an increase in birth rate, decrease in death rate, better medical services, and immigration, would all contribute to an increase in the population of a country.

Ler a nota de aula em Population And Labour Market (WAEC)

Ler a nota de aula em Population (JAMB)

Population And Labour Market

Population

Ver Resposta

Pergunta 8 Relatório

The indigenisation policy in Nigeria is aimed at

nationalising foreign businesses

alternating foreign investors

commandeering foreign businesses in Nigeria

expelling foreign investors and taking over their investment

increasing equity participation and control by Nigerians Resposta correta

Detalhes da Resposta

The indigenisation policy in Nigeria is aimed at increasing equity participation and control by Nigerians in businesses operating in Nigeria. The policy was introduced in the 1970s and aimed to transfer ownership and control of companies operating in Nigeria from foreign investors to Nigerians. The policy required foreign companies operating in Nigeria to sell at least 60% of their shares to Nigerians. The goal was to promote local content and increase economic empowerment of Nigerians. The policy has since been modified and some of its provisions have been relaxed to attract foreign investment, but the overall goal of promoting Nigerian ownership and control of businesses in the country remains.

Ler a nota de aula em Economics As A Science (JAMB)

Economics As A Science

Ver Resposta

Pergunta 9 Relatório

which of the following is not true of a firm in equilibrium condition in perfect competition?

MC is rising

MC curves cuts AC curves from below

MR>AR Resposta correta

MC = AC

MR = AR

Detalhes da Resposta

Ler a nota de aula em The Theory Of Production (JAMB)

Ler a nota de aula em Theory Of Consumer Behaviour (WAEC)

Ler a nota de aula em Theory Of Price Determination (WAEC)

Ler a nota de aula em Business Organizations (JAMB)

Ler a nota de aula em Theory Of Production (WAEC)

The Theory Of Production

Theory Of Consumer Behaviour

Theory Of Price Determination

Business Organizations

Theory Of Production

Ver Resposta

Pergunta 10 Relatório

for two commodities A and B, MA and MB are the respective marginal utilities while PA and PB are the respective prices. Marginal utilities of the commodities are maximized when

MA/PA = MB/PB Resposta correta

MA/PA > MB/PB

MA/PA < MB/PB

PA/MA < PB/MB

PA/MA > PB/MB

Detalhes da Resposta

Marginal utility is the additional satisfaction obtained from consuming an additional unit of a commodity. The marginal utility of a commodity depends on the price of the commodity and the marginal utility of the other commodities. To maximize the total utility, the consumer needs to allocate their income between the two commodities in such a way that the marginal utility per unit of money spent on each commodity is equal. Therefore, the marginal utilities of two commodities, A and B, are maximized when the ratio of the marginal utility to the price of each commodity is equal: MA/PA = MB/PB This is known as the condition of consumer equilibrium, and it ensures that the consumer is allocating their income in the most efficient way possible to maximize total utility. Any other ratio of marginal utility to price for the two commodities will result in a lower total utility.

Ler a nota de aula em Theory Of Costs (JAMB)

Ler a nota de aula em The Theory Of Demand (JAMB)

Theory Of Costs

The Theory Of Demand

Ver Resposta

Pergunta 11 Relatório

when the price of a given product is reduced from N100 to N90, the quantity demanded increases from 50 to 60 units. From this we can conclude that the product's

demand is elastic Resposta correta

demand is inelastic

demand is perfectly inelastic

supply is not elastic

demand has decline

Detalhes da Resposta

The given scenario demonstrates that when the price of the product is reduced, the quantity demanded increases. This implies that the consumers are sensitive to the price changes of the product, and a small change in price leads to a relatively larger change in the quantity demanded. Therefore, the product's demand is elastic.

Ler a nota de aula em The Theory Of Production (JAMB)

Ler a nota de aula em Economics As A Science (JAMB)

The Theory Of Production

Economics As A Science

Ver Resposta

Pergunta 12 Relatório

which of the following is a function of commercial banks?

issuing currencies

accepts deposits Resposta correta

Are the bankers' bank

Determine the rate of interest

increase of time in learning a trade

Detalhes da Resposta

The function of commercial banks is to accept deposits from customers, which they then use to lend out to borrowers in the form of loans. This is known as the primary function of commercial banks. By accepting deposits, commercial banks provide a safe place for customers to store their money and earn interest on their savings. They also provide loans to businesses and individuals to help them finance investments or purchases. Commercial banks do not issue currencies; that is the function of the central bank. The central bank also serves as the bankers' bank, not commercial banks. Commercial banks do not determine the rate of interest; they adjust their rates based on market forces. Lastly, the increase of time in learning a trade is not a function of commercial banks.

Ler a nota de aula em Banking (JAMB)

Ler a nota de aula em Distributive Trade (WAEC)

Banking

Distributive Trade

Ver Resposta

Pergunta 13 Relatório

If an economy grows at an annual rate of 6% of which 4% is deemed to be due to improvement in the productivity of labour and capital combined ,the remaining 2% is generally attributed to the

amount of natural resources Resposta correta

improvement in banking services

size of the population

quality of human resources

improvement in government fiscal policies

Detalhes da Resposta

Ler a nota de aula em Major Natural Resources (WAEC)

Major Natural Resources

Ver Resposta

Pergunta 14 Relatório

Economics is often described as a science because it

adopts the use of laboratory experiments

involves accurate predictions of human beings

makes use of controlled experiment

use scientific methods to explain observed phenomena Resposta correta

deals with observation and field work

Detalhes da Resposta

Economics is often described as a science because it uses scientific methods to explain observed economic phenomena. It relies on empirical evidence and data analysis to understand how people make choices and how markets operate. While economics does not rely on laboratory experiments or controlled experiments like some other sciences, it still seeks to explain and predict human behavior in a systematic and objective way.

Ler a nota de aula em Economics As A Science (JAMB)

Economics As A Science

Ver Resposta

Pergunta 15 Relatório

Scarcity in Economics means that

the economy can scarecely produce anything

human wants are limitless

the economy has very few resources

human wants are limited, relative to resources

resources are limited relative to wants Resposta correta

Detalhes da Resposta

Scarcity in economics means that resources are limited relative to wants. This means that there are not enough resources available to satisfy all the unlimited human wants and needs. Since resources such as land, labor, capital, and entrepreneurship are scarce, choices must be made regarding how to allocate these resources efficiently to produce the goods and services that will best satisfy the most urgent wants and needs. This necessitates making trade-offs and prioritizing wants and needs, which is the fundamental problem of economics.

Ler a nota de aula em Factors Of Production And Their Theories (JAMB)

Ler a nota de aula em Definition And Scope Of Economics (WAEC)

Factors Of Production And Their Theories

Definition And Scope Of Economics

Ver Resposta

Pergunta 16 Relatório

which of the following has a derived demand?

labour Resposta correta

butter

television set

breads

motor cars

Detalhes da Resposta

Labour has a derived demand. This means that the demand for labour is not for its own sake, but for the goods or services it helps to produce. For example, a bakery may demand labour to produce bread, but it is not the labour that is desired, but the bread that the labour produces. The demand for labour is thus derived from the demand for the goods or services that it helps to produce.

Ler a nota de aula em The Theory Of Demand (JAMB)

The Theory Of Demand

Ver Resposta

Pergunta 17 Relatório

The situation whereby government revenue is less than government expenditure is referred to as

budget deficit Resposta correta

balanced budget

budget surplus

budget statement

unfavourable budget

Detalhes da Resposta

When government expenditure exceeds its revenue, it leads to a budget deficit. This means that the government is spending more than it is earning. The deficit can be caused by factors such as high government spending on public projects, low tax revenue or both. The government can borrow money to finance the deficit, which can lead to an increase in public debt. The opposite of a budget deficit is a budget surplus, which occurs when government revenue exceeds expenditure. A balanced budget is when government expenditure is equal to government revenue. A budget statement is a document that outlines the government's plans for revenue and expenditure for a given period. An unfavorable budget is one that has more negatives than positives for the economy, such as higher taxes, reduced spending on social programs, or inefficient use of resources.

Ler a nota de aula em Public Finance (WAEC)

Ler a nota de aula em Public Finance (JAMB)

Public Finance

Ver Resposta

Pergunta 18 Relatório

Hoarding in distributive trade leads to

non-availabilty of commodities

production of inferior goods

increase in the supply of goods

decrease in the supply of goods

artificial scarcity of goods Resposta correta

Detalhes da Resposta

Hoarding in distributive trade refers to the practice of withholding goods from the market in order to create an artificial scarcity, which allows sellers to charge higher prices. This means that the goods become less available to consumers, which leads to a decrease in the supply of goods in the market. As a result, consumers may have to pay higher prices for the goods or may even find it difficult to obtain them at all. Therefore, the correct answer is "artificial scarcity of goods."

Ler a nota de aula em Distributive Trade (WAEC)

Distributive Trade

Ver Resposta

Pergunta 19 Relatório

The largest employment sector in a typical West African country is

construction

transportation

petroleum

agriculture Resposta correta

manufacturing

Detalhes da Resposta

The largest employment sector in a typical West African country is likely to be agriculture. Agriculture has historically been a major sector in most West African countries, with many people involved in subsistence farming or small-scale commercial farming. In addition, many large-scale commercial farms also operate in the region, contributing to the overall employment numbers in the sector. While other sectors such as manufacturing, transportation, construction, and petroleum may also provide employment opportunities, they are generally smaller in scale and may not employ as many people as agriculture.

Ler a nota de aula em Agriculture (WAEC)

Ler a nota de aula em Money And Inflation (JAMB)

Agriculture

Money And Inflation

Ver Resposta

Pergunta 20 Relatório

The formula for calculating price elasticity of demand coefficient is

Percentage change in price/percentage change in quantity demanded

Absolute decline in price/absolute increase in quantity demanded

Percentage change in quantity demanded/percentage change in price Resposta correta

Absolute decline in quantity demanded/absolute increase in price

Change in quantity demanded/decrease in price

Detalhes da Resposta

The formula for calculating price elasticity of demand coefficient is the percentage change in quantity demanded divided by the percentage change in price. This formula helps us to determine the sensitivity of demand for a particular good or service to changes in its price. If the coefficient is greater than 1, demand is considered elastic, meaning that a change in price will have a larger effect on the quantity demanded. If the coefficient is less than 1, demand is considered inelastic, meaning that a change in price will have a smaller effect on the quantity demanded. If the coefficient is equal to 1, demand is considered unit elastic, meaning that a change in price will have an equal effect on the quantity demanded.

Ler a nota de aula em The Theory Of Demand (JAMB)

The Theory Of Demand

Ver Resposta

Pergunta 21 Relatório

In the long-run, potential GNP is variable because. I technological change takes place II the quantity of labour and capital is not fixed III. unemployment is not constant

I only

II only

I and II only Resposta correta

I and III only

III only

Detalhes da Resposta

The correct answer is (C) I and II only. In the long run, potential Gross National Product (GNP) is variable because of technological change and the fact that the quantity of labor and capital is not fixed. Technological change leads to an increase in productivity, which in turn leads to an increase in output. Also, the quantity of labor and capital can be increased through investment and population growth, respectively. This means that the potential output of an economy can increase over time. On the other hand, unemployment is not directly related to potential GNP and can be affected by a variety of factors, such as changes in government policies or the business cycle. Therefore, option III is incorrect. In summary, the correct answer is (C) I and II only, because potential GNP can vary due to technological change and changes in the quantity of labor and capital.

Ler a nota de aula em The Theory Of Demand (JAMB)

The Theory Of Demand

Ver Resposta

Pergunta 22 Relatório

The value of money is affected by the

speculative motive

price level Resposta correta

transactionary motive

precautionary motive

employment level

Detalhes da Resposta

Ler a nota de aula em Money And Inflation (WAEC)

Ler a nota de aula em Financial Institutions (WAEC)

Money And Inflation

Financial Institutions

Ver Resposta

Pergunta 23 Relatório

Division of labour leads to

employment of everybody

decrease in output

monotony of work Resposta correta

increase of time in workshops

increase of time in learning a trade

Detalhes da Resposta

Ler a nota de aula em Factors Of Production (WAEC)

Factors Of Production

Ver Resposta

Pergunta 24 Relatório

one of the disadvantages of the division of labour is that it

saves time

makes work monotonous Resposta correta

encourages full utilization of capital

makes workers skilled at their work

allows greater use of machinery

Detalhes da Resposta

The division of labour is a system of work where tasks are divided into smaller and specialized tasks, with each worker responsible for a specific task. One of the disadvantages of this system is that it makes work monotonous. This is because workers are repeatedly performing the same task repeatedly and may get bored, which could lead to a decrease in productivity. However, the division of labour also has advantages, such as saving time, allowing greater use of machinery, encouraging full utilization of capital, and making workers skilled at their work.

Ler a nota de aula em Methods And Tools Of Economic Analysis (JAMB)

Ler a nota de aula em Economics As A Science (JAMB)

Methods And Tools Of Economic Analysis

Economics As A Science

Ver Resposta

Pergunta 25 Relatório

If the price of product K declines , the demand curve for the complementary product J will

remain unchanged

shift to the right

decrease

shift to the left Resposta correta

slopes upwards

Detalhes da Resposta

Ler a nota de aula em Theory Of Price Determination (WAEC)

Ler a nota de aula em The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

Ver Resposta

Pergunta 26 Relatório

The optimum population of a country is reached when the

production of goodsand sevices is less than optimum

output per head is at its highest with a given volume of resources Resposta correta

total production increases with a given volume of resources

national resources increases as population increases

working population rises at a geometrical rate

Detalhes da Resposta

The optimum population of a country is reached when the output per head is at its highest with a given volume of resources. This means that the country has reached a point where its population is neither too large nor too small for the available resources to support. At this point, every individual in the population is able to produce and consume at the highest level possible, without putting too much strain on the available resources. Any increase or decrease in population from this point will lead to a decrease in output per head, which will ultimately lead to a decrease in the standard of living.

Ler a nota de aula em Population And Labour Market (WAEC)

Ler a nota de aula em Population (JAMB)

Population And Labour Market

Population

Ver Resposta

Pergunta 27 Relatório

Hoarding in distributive trade leads to

non-availabilty of commodities

production of inferior goods

increase in the supply of goods

decrease in the supply of goods

artificial scarcity of goods Resposta correta

Detalhes da Resposta

Hoarding in distributive trade refers to the practice of withholding goods from the market with the intention of creating artificial scarcity and driving up prices. This can lead to a decrease in the supply of goods, which can cause prices to rise and make the goods less affordable or unavailable for consumers. Therefore, the correct option is "artificial scarcity of goods."

Ler a nota de aula em Distributive Trade (WAEC)

Distributive Trade

Ver Resposta

Pergunta 28 Relatório

In a public company , entrepreneural function are performed by the

workers

shareholders

creditors

board of directors Resposta correta

chairman

Detalhes da Resposta

In a public company, entrepreneurial functions are performed by the board of directors. The board of directors is responsible for making important decisions that affect the company's direction, such as setting goals, developing strategies, and making major investments. They also have the responsibility of hiring and firing top-level executives, and ensuring that the company complies with all relevant laws and regulations. Overall, the board of directors plays a crucial role in the success of a public company, and their entrepreneurial functions are key to driving the company's growth and profitability.

Ler a nota de aula em Business Organizations (WAEC)

Business Organizations

Ver Resposta

Pergunta 29 Relatório

one of the instruments of protection of infants industries is the

price control board

open market operation

tarrif Resposta correta

GDP-deflator

multiplier

Detalhes da Resposta

One of the instruments of protection of infant industries is a tariff. A tariff is a tax imposed on imported goods to make them more expensive and less competitive with domestically produced goods. This is done to protect the domestic industries, including those which are still in their infancy, from being outcompeted by foreign firms. By increasing the price of imported goods, a tariff makes it easier for domestic industries to compete, thus allowing them to grow and develop without being driven out of business by foreign competition. Therefore, tariffs are commonly used as a form of protectionist trade policy, especially in developing economies that have relatively young and small industries.

Ler a nota de aula em Methods And Tools Of Economic Analysis (JAMB)

Ler a nota de aula em The Theory Of Supply (JAMB)

Ler a nota de aula em Theory Of Costs (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Supply

Theory Of Costs

Ver Resposta

Pergunta 30 Relatório

the actual output of an economy is the output

which would exist if al resources were fully employed Resposta correta

produced by currently employed labour capital and land

produced in the consumer goods sector

produced in the capital goods sector

produced by agriculture sector

Detalhes da Resposta

Ler a nota de aula em National Income (WAEC)

Ler a nota de aula em The Theory Of Production (JAMB)

National Income

The Theory Of Production

Ver Resposta

Pergunta 31 Relatório

a shift in supply curve to the right will result in a

fall in both the price and supply

fall in price but an increase in supply Resposta correta

rise in both price and supply

rise in price and fall in supply

no change in price and supply

Detalhes da Resposta

When there is a shift in supply curve to the right, it indicates that the producers are willing to supply more goods at each given price level. As a result, the equilibrium quantity of the product will increase, leading to a fall in price and an increase in supply. This is because the producers are producing more goods and selling them at a lower price to remain competitive in the market. Therefore, the correct option is: a fall in price but an increase in supply.

Ler a nota de aula em The Theory Of Supply (JAMB)

Ler a nota de aula em Theory Of Production (WAEC)

The Theory Of Supply

Theory Of Production

Ver Resposta

Pergunta 32 Relatório

The developments banks are essentially different from commercial banks because they

medium and long term loans Resposta correta

open current accounts for their customers

discount bills of exchange

are lenders of last resort

carry out open market operations

Detalhes da Resposta

Development banks are essentially different from commercial banks because they provide medium and long-term loans for developmental projects such as industries, infrastructure development, agriculture, and housing, whereas commercial banks provide short-term loans and accept deposits from the public. Development banks are established to promote economic development in the country and provide financial assistance for long gestation projects, which commercial banks may not be willing to finance. They also provide technical assistance, consultancy services and managerial expertise to borrowers. Therefore, the primary focus of development banks is to promote economic development and social welfare, whereas the primary focus of commercial banks is to earn profit by providing banking services.

Ler a nota de aula em Banking (JAMB)

Ler a nota de aula em Population And Labour Market (WAEC)

Banking

Population And Labour Market

Ver Resposta

Pergunta 33 Relatório

the foregone alternative in Economics is simply the

marginal cost

cost of foreign products

total cost

opportunity cost Resposta correta

average cost

Detalhes da Resposta

The foregone alternative in economics is known as the opportunity cost. It is the cost of the next best alternative that must be foregone to pursue a certain action or decision. In simpler terms, it is the value of the alternative that was not chosen. For example, if a person decides to spend money on buying a new car, the opportunity cost would be the value of the other things that could have been purchased with that money, such as a vacation or a house. The concept of opportunity cost is important in economics as it helps individuals and businesses to make rational and informed decisions by considering the alternatives and their associated costs.

Ler a nota de aula em Factors Of Production And Their Theories (JAMB)

Ler a nota de aula em Definition And Scope Of Economics (WAEC)

Factors Of Production And Their Theories

Definition And Scope Of Economics

Ver Resposta

Pergunta 34 Relatório

inflation caused by increase in demand can be curbed by

exporting more goods and services

hoarding of goods

increasing the level of output Resposta correta

increasing the level of money supply

reducing importation

Detalhes da Resposta

When the demand for goods and services increases, this can lead to an increase in prices, which results in demand-pull inflation. One way to curb this type of inflation is by increasing the level of output of goods and services, as this will help to meet the increased demand and reduce the pressure on prices. By increasing the production of goods and services, the supply of goods and services will increase, and this will help to reduce the demand for goods and services, which will in turn reduce the pressure on prices. Therefore, increasing the level of output is an effective way to curb inflation caused by an increase in demand.

Ler a nota de aula em The Theory Of Consumer Behaviour (JAMB)

Ler a nota de aula em Economics As A Science (JAMB)

The Theory Of Consumer Behaviour

Economics As A Science

Ver Resposta

Pergunta 35 Relatório

when the death rate for old people and the infant mortality rate are high , with no migration , there will be in the population a higher number of

younger people in the population Resposta correta

children in the population

old people in the population

women in the population

men in the population

Detalhes da Resposta

When the death rate for old people and the infant mortality rate are high, it means that a large number of old people and babies are dying. If there is no migration, this would result in a higher number of younger people in the population. This is because when the infant mortality rate is high, a large number of babies are dying which reduces the number of children in the population. Similarly, when the death rate for old people is high, it reduces the number of old people in the population. Therefore, the remaining population would mostly consist of younger people.

Ler a nota de aula em Population And Labour Market (WAEC)

Ler a nota de aula em Population (JAMB)

Population And Labour Market

Population

Ver Resposta

Pergunta 36 Relatório

Tariff can be define as a compulsory levy on

goods that are produced and consumed locally

foreign exchange earnings

imported but inferior goods

foreigners working in a country

imports and exports Resposta correta

Detalhes da Resposta

A tariff is a type of tax that a government levies on imports and sometimes exports of goods. It is a form of trade barrier that is intended to protect domestic industries and jobs from foreign competition. When a country imposes a tariff on imported goods, it makes those goods more expensive to purchase in the domestic market, which may lead to a decrease in their demand. This may lead to an increase in demand for domestically produced goods, which may result in increased production and employment in the domestic market. However, it may also lead to retaliatory tariffs from other countries, which can harm international trade and economic growth.

Ler a nota de aula em International Trade (JAMB)

International Trade

Ver Resposta

Pergunta 37 Relatório

all the following are different forms of money except

bank notes

demand deposits

coins

currency

bank sellers Resposta correta

Detalhes da Resposta

The correct option is "bank sellers" because it is not a form of money. Bank notes, demand deposits, coins, and currency are all forms of money that can be used for transactions. Bank notes are physical currency issued by a central bank, while demand deposits are funds held in a checking account that can be easily accessed. Coins are small pieces of physical currency that are used for smaller transactions. Currency refers to any form of money that is widely accepted as a medium of exchange, including bank notes and coins. On the other hand, bank sellers are not a form of money, but rather individuals or institutions that sell financial products or services such as stocks, bonds, or insurance.

Ler a nota de aula em Money And Inflation (WAEC)

Ler a nota de aula em Financial Institutions (WAEC)

Money And Inflation

Financial Institutions

Ver Resposta

Pergunta 38 Relatório

Term of trade is the

ratio of capital movement to export movements

ratio of import to short-term export

difference between export and import

ratio of short-term capital movement to long-term capital movements

ratio of index of export prices to index of import prices Resposta correta

Detalhes da Resposta

The term of trade refers to the ratio between the index of export prices and the index of import prices of a country. In other words, it is a measure of the value of a country's exports relative to its imports. It reflects the amount of imports that a country can purchase with a given quantity of its exports. A favorable term of trade means that a country can purchase a greater amount of imports for a given amount of its exports, while an unfavorable term of trade means that a country can purchase a lesser amount of imports for the same amount of its exports.

Ler a nota de aula em International Trade (JAMB)

International Trade

Ver Resposta

Pergunta 39 Relatório

when the government imposes a unit tax on a commodity with perfectly inelastic demand , the

tax is borne entirley by the seller

tax is shared equally between the buyer and the seller

seller bears 70% and the consumer bears 30% of the tax

tax is borne entirely by the consumer Resposta correta

tax is borne by nobody

Detalhes da Resposta

Ler a nota de aula em The Theory Of Demand (JAMB)

Ler a nota de aula em Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

Ver Resposta

Pergunta 40 Relatório

which of the following is not a problem in the barter economy?

multiple exchange rate

indivisibility of goods and services

double coincidence of wants

bulkness of commodities

inflation Resposta correta

Detalhes da Resposta

The problem of inflation is not a problem in a barter economy. In a barter economy, goods and services are exchanged directly without the use of money. Inflation is a general increase in prices of goods and services in an economy over time. Since there is no money involved in a barter system, there cannot be inflation. The other options listed, such as double coincidence of wants, indivisibility of goods and services, bulkiness of commodities, and multiple exchange rates are all challenges faced in a barter economy.

Ler a nota de aula em Economics As A Science (JAMB)

Ler a nota de aula em Economic Systems (JAMB)

Economics As A Science

Economic Systems

Ver Resposta

Pergunta 41 Relatório

which of the following is not a visible item in international trade payments?

payments for imported cars

receits from cocoa exports

receipts from oil exports

payments for steel imports

payments to foreign shipping companies Resposta correta