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NDA – Economics – 2002

Challengemoi - WAEC Past Questions and Answers

This quiz consist of over 50 NDA Economics past questions and answers. The answers are well explained. Retake the quiz as many times as you feel the need. Success!

This is a timed quiz. You will be given 1200 seconds to answer all questions. Are you ready?

1200

There is unlikely to be a gain from international trade if:-

Correct! Wrong!

Given the following formula, obtain the velocity of money: MV = PT; where M is money, V is velocity of money, P is price and VT is transaction:

Correct! Wrong!

In its trade with the rest of the world a country will ten 'to specialize in the production of goods in

Correct! Wrong!

All except one is not an economic indicator

Correct! Wrong!

The concept of opportunity cost is important because

Correct! Wrong!

The concept of utility is highly emphasized in the theory of

Correct! Wrong!

Equilibrium is that level at which

Correct! Wrong!

The importance of bar chart in statistics is that

Correct! Wrong!

International trade is regarded as being distinct from interregional trade because:

Correct! Wrong!

If planned savings exceeds planned investment the result will be

Correct! Wrong!

Gross National Product at factor cost plus taxes less subsidies on expenditure is equal to:

Correct! Wrong!

One of the following is a capital market instrument in Nigeria

Correct! Wrong!

The equilibrium market price is determined at a point where:

Correct! Wrong!

The difference between Gross Domestic Product (GDP) and Gross National Product (GNP). That:

Correct! Wrong!

The basic economic problems of the society are

Correct! Wrong!

The need to study Economics arose because of:

Correct! Wrong!

The basic problems of economics include

Correct! Wrong!

In a closed economy without government sector the national income is same as :

Correct! Wrong!

The terms of trade is the name given to the

Correct! Wrong!

In economics, the concept of utility means:

Correct! Wrong!

Economies deals with excepts One of the following

Correct! Wrong!

The multiplier is the factor by which

Correct! Wrong!

Mean, median, mode, variance and standard variation belong to the domain of

Correct! Wrong!

Full equilibrium requires that

Correct! Wrong!

One of the functions of the Central Bank of Nigeria(CBN) is to:

Correct! Wrong!

In calculating the average age of cadets in the Nigerian Defence Academy , we make use of :

Correct! Wrong!

Statistics is used to interpret

Correct! Wrong!

Commercial banks rank the largest type or financial institutions. The second largest financial institution consists of:-

Correct! Wrong!

Which Of the following is a liability of commercial banks?

Correct! Wrong!

Price can be defined as

Correct! Wrong!

Economics is science which deals with

Correct! Wrong!

Which is the least liquid of the following assets of a commercial bank?

Correct! Wrong!

Elasticity of demand can be defined as

Correct! Wrong!

One reason why sometimes total consumption equals total income is that:

Correct! Wrong!

Which of the following tends most to break the link between international prices?

Correct! Wrong!

By standard of living, we mean:

Correct! Wrong!

The Federal Mortgage Bank of Nigeria (FMBN) was established in

Correct! Wrong!

The velocity of money is most affected in the short run by:

Correct! Wrong!

NDA - Economics - 2002
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You performed averagely. None the less, you can do better.
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You can do better. Take this course as many times as possible to get used to the questions.

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