WAEC Past Questions and Answers - Page 2739

13,691.

The Net National Product (NNP) of a country is $50m while the depreciation allowance is $10m. The Gross National Product (GNP) is

A.

$40m

B.

$60m

C.

$30m

D.

$500m

Correct answer is B

GNP = NNP + Depreciation Allowance

In this case, the NNP is $50m and the depreciation allowance is $10m. Therefore, the GNP is:

GNP = $50m + $10m = $60m

13,692.

The malthusian theory of population is best illustrated when

A.

The size of the population and available resources are equal

B.

Both population and food supply increase at the same rate

C.

Food supply increases much faster than population growth

D.

Population increases much faster than food supply

Correct answer is D

The Malthusian theory of population is best illustrated when population increases much faster than food supply. This is because the Malthusian theory argues that population growth is exponential, while food supply growth is linear. This means that the population will eventually outgrow the food supply, leading to famine, disease, and war

 

13,693.

Consumers have access to a variety of goods through the activities of the

 

A.

Retailers

B.

Advertising agencies

C.

Mass media

D.

Wholesalers

Correct answer is A

Retailers are businesses that sell goods directly to consumers, whether through physical stores or online platforms. They offer a wide range of products from various manufacturers and wholesalers, making them easily accessible to consumers. Retailers create a convenient and engaging shopping experience, allowing consumers to browse, compare, and purchase goods in one location.

 

13,694.

When the demand for a commodity increases while supply remains unchanged, the equilibrium price and quantity will

A.

Increase

B.

Remain constant

C.

Decrease

D.

Turn negative

Correct answer is A

When the demand for a commodity increases while supply remains unchanged, the equilibrium price and quantity will increase. This is because the increase in demand will create a shortage at the current price. As a result, sellers will be able to raise prices, and the quantity traded will increase.

The equilibrium price will increase until the quantity demanded equals the quantity supplied. At this point, the market will be in equilibrium again.

13,695.

The dependency ratio of a country is the

A.

The children and aged who rely on the active population for support

B.

People who are cared for by their extended families

C.

Total active population who depend on government for survival

D.

Number of children who depend on their parents for survival

Correct answer is A

The dependency ratio of a country is the children and aged who rely on the active population for support.

The dependency ratio is a measure of the number of people who are not of working age (children and the elderly) compared to the number of people who are of working age (15-64 years old). A high dependency ratio means that there are a lot of people who are not of working age, which can put a strain on the economy. A low dependency ratio means that there are a lot of people of working age, which can be a sign of a healthy economy.