by Sunday | Nov 7 | Economics WAEC
A. size of workers B. general price C. total level of savings D. total amount of loans granted by the banks Correct Answer: Option B B. general price Explanation The value of any good is determined by its supply and demand and the supply and demand for other goods in...
by Sunday | Nov 7 | Economics WAEC
A. inflation B. deflation C. revaluation D. monetization Correct Answer: Option A A. inflation Explanation Inflation is the rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of currency is falling. If...
by Sunday | Nov 7 | Economics WAEC
A. measure output at factor cost B. avoid multiple counting of output C. deduct depreciation of capital assets D. add net factor income from abroad Correct Answer: Option D D. add net factor income from abroad Explanation By adding to its net factor income from...
by Sunday | Nov 7 | Economics WAEC
A. dividends B. rent C. pensions D. interest Correct Answer: Option C C. pensions Explanation Examples of transfer payments include welfare, financial aid, social security, and government making subsidies for certain...
by Sunday | Nov 7 | Economics WAEC
A. extent of the division of labour B. external economies C. internal economies D. nearness to financial institution Correct Answer: Option B B. external economies Explanation External economies of scale imply that as the size of industry grows larger or more...