WAEC - Economics (2004)
1
Which of the following is an economic activity?
2
The reward for land as a factor of production is
3
The three broad categories of productions are
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primary, secondary and tertiary
4
A carpenter's consumer goods includes 1. a kilogram of rice II. 3 pairs of shoes III. 4 pairs of socks IV. 3 screw drivers
5
In a capitalist system, the means of production is owned and controlled by
6
Mixed economy refers to a system in which the means of production are controlled by
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private enterprises and the government
7
An economic goods is described as a good which
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yields utility and commands a price
8
The concept of opportunity cost is important to the firm because it
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guides firms in allocating scarce resources
9
As a firm expand s , it enjoys some advantages called
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internal economies of scales
10
division of labour is limited by
11
An entrepreneur is likely to make more profits when
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costs per unit output falls
12
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birth rate less death rate
13
A major effect of ageing population is
14
One of the problems associated with the middlemen in the distribution of goods is that he
15
The distribution of goods is said to be completed when it reaches the
16
The gap between demand and supply curve below the equilibrium price indicates
17
Demand for inferior goods is an example of
18
When a change in price does not affect the quantity demanded of a commodity , the price elasticity of demand is
19
For both the monopolist and the perfectly competitive firm , profit maximizing output occurs at the point where the
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marginal cost curves cuts the marginal revenue curve from below
20
The market structure in which the operation are many and none of them can influence the price is
21
one main benefit of partnership is
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that members can specialize in various functions
22
Joint ventures are partnerships involving
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government and private investors
23
The value of money is best determined by
24
Which of the following will be an effect of inflation?
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borrowers of money will gain
25
Government can control inflation by
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reducing the level of expenditures
26
The market consisting of a network of dealers where currencies can be bought and sold is known as
27
Open Market Operation (OMO) means the
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buying and selling of government securities by the central banks
28
which of the following is an advantage of localization of industry?
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development of subsidiary firms
29
which of the following will ensure efficiency in the in the industrial sector of your country?
30
The number of people who are qualified to work and who offer themselves for employment are called
31
When the general price level persistently falls, the rate of unemployment
32
Which of the following is not a direct effort to increase agricultural production?
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National Youth Service Corps
33
To ensure high employment rate, developing countries should
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protect infant industries
34
The act of selling goods in foreign markets at prices below those charged at home market is called
35
Taxes levied on commodities are
36
One disadvantages of direct tax is that
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people are discouraged from additional work
37
International trade is an application of the principle of
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comparative cost advantage
38
Trade among West African countries is poor because the
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communication links are weak
39
A policy by which government restrict the amount of foreign currencies bought and sold is known as
40
which of the following item is under the capital account of a balance of payment?
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repayment of foreign loans
41
A surplus in the balance of payment should be used to
42
Development planning which take an overall view of the economy is described as
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aggregate economic planning
43
The national income of a country can be estimated by the
44
which of the following is excluded when making national income?
45
The Economic Community of West African States (ECOWAS) has been been slow in achieving its objective sbecause of
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political instability in member state
