ANSWERS TO REVISION QUESTIONS
Hello World, Happy Holiday to you all and
Happy Friday and Happy Weekend. Its alot of Happy Points for Us this Season
Guyz. Lolz- Hope this Holiday is Fun for You and All Your Loved Ones. It is
Well in Jesus Name. Well for some weeks now, we have dealt solely on revision
Questions gotten from WAEC Past Questions and Today we will try to Answer them,
Hope you all tried them cos thats the only way you can truly be sure of your
performance. Alright Let's get Started.........
1. C- How to Produce.
2. C- Balance of Trade.
3. B- Change in Demand.
4. A- Elastic.
5. A- Equality of the Ratio of Marginal
Utilities and the Ration of Prices.
7. B- Price Inelastic.
8. A- Bought at Given Prices at a Time.
9. C- Less as the Total Utility Falls.
10. C- Joint.
11. B- Excess Demand.
12. A- The Price System.
13. C- 5.5 Utils.
14. B- Consumer who Maximises Satisfaction.
15. A- All Inputs are Fixed.
16. A- Decrease in Death Rate.
17. B- Falls and Later Rises.
18. A- All of its Fixed Cost and Variable
Cost.
19. C- Limited Liability.
20. C- Their Initial Capital is easy to
raise.
21. B- Equity Shares.
22. C- Legal Monopoly.
23. C- Monopoly Market.
24. D- Sales Service.
25. C- Net Migration.
26. B- Unlimited Amount of Unexploited
Resources.
27. C- An Insurance Company.
28. A- It Specialises in the Production of
One Crop.
29. C- Early Marriage.
30 B- Inadequate Infrastructure.
31. B- Market.
32. C- Y= C + I + (X - M).
33. A- Gross Domestic Product at Market
Prices.
34. C- Net National Product.
35. C- Bank Balance.
36. A- How the Value of Money changes over
time.
37. B- Natural Growth Rate.
38. C- Double Coincidence of Wants.
39. C- Securities.
40. C- Creation of Agro-Service Stations.
41. D- Deficit Budgeting.
42. B- Manufactured Locally.
43. B- Population Control.
44. C- Volume of Imports has Declined.
45. C- It Enables a Country to Curtail
Importation.
46. D- Export Promotion Strategies.
47. B- Protect Infant Industries.
48. B- Financing and Executing Projects in
Member States.
NOTE: THE ANSWERS IN THIS POST ARE CULLED FROM WAEC 2012 PAPERS. THANKS
This brings us to the end of today's session.
Hope this was very helpful to you, leave a comment of what you think of this
tutorial and I hope you got some correctly but if not keep at it, practice
would make you Perfect and Flawless. Have a Blessed Day and Remember You are
Amazing. God Bless.
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