WAEC - Economics (1993)
1
Economics is the study of how to
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choose between alternatives, given limited resources
2
Scarcity in economics arises because
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resources are limited in supply
3
The real cost of a commodity is
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the alternative that has to be forgone in order to purchase it
4
Public corporation in West Africa are set up to
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provide welfare service for the people
5
Supply in Economics means making
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goods available to the market at a given price and at a given period
6
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whose demands fall when the income of its consumer increases
7
Price elasticity of demand is define as the
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responsiveness of demand to change in price
8
The rural area of West Africa lack industries because
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of inadequate infrastructure
9
An entrepreneur will locate his industry in a place
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where the cost of production will be minimized
10
which of the following reasons is mainly responsible for the inefficient distribution of goods in West African countries?
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poor transportation and communication system
11
Which of the following does not apply to private companies?
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accounts have to be publicized
12
In , Economics the reward for labour is in the form of
13
A nation with a working population that is insufficient to exploit its resources is said to be
14
Which of the following may not be included in explaining the term production?
15
which of the following business establishment are not motivated mainly by profit?
16
Production is not complete until the
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goods reached the final consumer
17
which of the following is the correct way to calculate total cost?
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Addition of fixed cost to variable cost
18
Robert T. Malthus postulated in his population theory that
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population growth rate may out-grow the means of subsistence
19
Division of labour may be restricted when
20
Land is often distinguished as a factor of production because it
21
which of the following is an advantage of division of labour? It
22
the location of timber and plywood industries in West Africa is mainly influenced by the
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presence of a luxuriant forest
23
the occupational distribution of population in most West African countries shows the highest concentration in
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agriculture and aalied industries
24
The growth of the population is the ?
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annual increase in population
25
A situation in which an increase in demand for certain goods leads to a fall in demand for other goods is known as
26
A market equilibrium exist when
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demand and supply are equal
27
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a system of resource allocation through supply and demand interaction
28
The main objective of production by entrepreneur is to
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equate marginal revenue with marginal cost
29
If price falls below the equilibrium
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Demand will be greater than supply
30
Which of the following is not a source of finance for a one-man business?
31
Land is a most significant factor in terms of contribution to the economy because
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vital resources from it enrich the economy
32
Capital as a factor of production is important because
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it provides money which is essnetial for the growth of business
33
A firm's compulsory cost whether it is in production or not , is referred to as its
34
A scale of preference is a list
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of consumer's wants arrange in order of importance
35
An economic system in which the state owns and controls the means of production is known as
