Waec Economics Past Questions
Question 21
The formula index of export prices/index of import prices * 100
is used to measure the
- A. volume of trade between countries
- B. direction of internatrional trade
- C. commodity terms of trade
- D. volume of imports
Question 22
An increase in the quantity of goods and services produced in a country which raises her national income is known as
- A. economic development
- B. economic growth
- C. domestic investment
- D. productivity
Question 23
The reward which accrues to labour for participating in production is
- A. interest
- B. wage
- C. bonus
- D. profit
Question 24
The satisfaction derived from the use of a commodity is its
- A. demand
- B. elasticity
- C. wealth
- D. utility
Question 25
The three principal economic unit in any system are
- A. trade, industry and banking
- B. workers, consumers and shareholders
- C. households, firms and governments
- D. comapnies, industry and plants
