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WAEC - Economics (2021)

  • 1
    The study of economics IS Important to every society because it______ 
    תְשׁוּבָה
    (B)
    Helps in the utilization of scarce resources.
  • 2
    A consumer with $10 needs a dress, a pair of shoes, a handbag and jewelry costing $20, $10, $7 and $3 respectively. The opportunity cost of buying the pair of shoes Is the________
    תְשׁוּבָה
    (C)
    Handbag and Jewelry.
  • 3
    The distinguishing function of an entrepreneur is_______
    תְשׁוּבָה
    (C)
    Risk-bearing.
  • 4
    When a commodity market operates without government interference, commodities are distributed through_______
    תְשׁוּבָה
    (B)
    The operation of price mechanism.
  • 5
    One way of obtaining the median of a given data is to__________
    תְשׁוּבָה
    (D)
    Arrange the data in either ascending or descending order and find what item divides the set in two equal parts.
  • 6
    An increase in the rice harvest, all things being equal, may cause____________
    תְשׁוּבָה
    (B)
    Price to fall substantially.
  • 7
    The demand for wood and labour is an example of______
    תְשׁוּבָה
    (C)
    Derived demand
  • 8
    What will be the reaction of consumers in a market if there is a fall in the price of the substitute commodity X?
    תְשׁוּבָה
    (C)
    Demand for commodity X will decrease
  • 9
    An increase in market supply is caused by the following factors except_________
    תְשׁוּבָה
    (C)
    A reduction in the cost of raw materials.
  • 10
    The coefficient of price elasticity of supply of land is usually____________
    תְשׁוּבָה
    (C)
    Zero
  • 11
    The price of soap rose from $10 to $20 causing a trader to increase her supply from 50 to 120 boxes per week. This makes supply_________
    תְשׁוּבָה
    (C)
    Fairly elastic.
  • 12
    The leftward shift in the supply curve for a commodity indicates_________
    תְשׁוּבָה
    (B)
    A decrease in supply.
  • 13
    Market supply may increase if there is an increase in the________
    תְשׁוּבָה
    (A)
    Price of the product
  • 14
    Government can increase farmers' incomes by__________
    תְשׁוּבָה
    (B)
    Fixing minimum prices.
  • 15
    When market supply increases , the equilibrium price_________
    תְשׁוּבָה
    (B)
    Falls and quantity rises.
  • 16
    The supply of mangoes is represented as P=0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50?
    תְשׁוּבָה
    (B)
    $15.00
  • 17
    The output of an extra unit of an input is referred to as________
    תְשׁוּבָה
    (B)
    Marginal product of the input
  • 18
    The law of diminishing returns is applicable to the__________
    תְשׁוּבָה
    (B)
    variable factors of production.
  • 19

    A firm incurred the following costs in production. Use the information in the table to answer the question below.

    Output
    (bags of rice    		 0 10 20 30 40 50 60
    Total Cost ($) 100 200 300 380 440 520 600

     

    The fixed cost of production is___________

    תְשׁוּבָה
    (A)
    $I00.
  • 20

    A firm incurred the following costs in production. Use the information in the table to answer the question below.

    Output
    (bags of rice    		 0 10 20 30 40 50 60
    Total Cost ($) 100 200 300 380 440 520 600

     

    The average cost of producing 40 bags of rice is_____

    תְשׁוּבָה
    (B)
    $11
  • 21
    The relationship between the marginal revenue (MR) and the average revenue(AR) of a monopolist is that the marginal revenue curve____ 
    תְשׁוּבָה
    (B)
    slopes down to the right and is below the AR curve.
  • 22
    A major source of finance to the Railway Corporation in West African countries is_______
    תְשׁוּבָה
    (B)
    government subvention
  • 23
    Separation of ownership of resources and their control is mostly found in a __________
    תְשׁוּבָה
    (C)
    joint stock company
  • 24
    By passing the middlemen in the chain of distribution can lead to _________
    תְשׁוּבָה
    (A)
    a problem of unemployment of labour
  • 25
    Two factors which can improve the efficiency of labour are_________
    תְשׁוּבָה
    (C)
    work environment and health status of workers
  • 26

    The age distribution of a country's population is shown below. Use the information is answer the question below.

    Age group (YEARS) Population
    0 - 15
    16 - 40
    41 - 60
    Over 60    		 30%
    45%
    15%
    10%

     

    What is the percentage of the working population?

     

    תְשׁוּבָה
    (B)
    60%
  • 27

    The age distribution of a country's population is shown below. Use the information is answer the question below.

    Age group (YEARS) Population
    0 - 15
    16 - 40
    41 - 60
    Over 60    		 30%
    45%
    15%
    10%

     

    What is the dependency ratio?

    תְשׁוּבָה
    (A)
    2:3
  • 28
    The supply of land for agricultural purpose can be increased through _______
    תְשׁוּבָה
    (B)
    reclamation and irrigation
  • 29
    Non-economic factors that influence the location of firms include ________
    תְשׁוּבָה
    (D)
    the activities of politicians in deciding location of firms
  • 30
    Which of the following is not an argument for the policy of privatization in West Africa?
    תְשׁוּבָה
    (B)
    Government is able to participate and control the operation of the privatized businesses
  • 31

    Use this data below to answer the question

    The following data relates to the national income of a country.
    Gross domestic product = $2800
    Net factor income from abroad = $250
    Depreciation = $700
    Indirect taxes = $120

     

    What is the country's Gross National (GNP)?

    תְשׁוּבָה
    (B)
    $ 2.680
  • 32

    Use this data below to answer the question

    The following data relates to the national income of a country.
    Gross domestic product = $2800
    Net factor income from abroad = $250
    Depreciation = $700
    Indirect taxes = $120

     

    What is the country's Net National Product (NNP) at factor cost?

    תְשׁוּבָה
    (C)
    $2,230
  • 33
    The standard of living in two countries can be compared using the___________
    תְשׁוּבָה
    (D)
    gross national product per head
  • 34
    Government can curb inflation by_________
    תְשׁוּבָה
    (D)
    selling securities in the open market
  • 35
    Functions of money does not include_______
    תְשׁוּבָה
    (D)
    general acceptability.
  • 36
    Demand-pull inflation can be as a result of___________
    תְשׁוּבָה
    (C)
    deficit financing by the government.
  • 37
    An increase in cash ratio by the central bank will_______
    תְשׁוּבָה
    (D)
    Reduce the supply of money.
  • 38
    When a government cuts down her expenditure to reduce inflation, she has embarked on___________
    תְשׁוּבָה
    (A)
    A restrictive Fiscal policy.
  • 39
    In order to enable the government of a country to increase its tax revenue, it will be advisable for it to increase taxes on_______
    תְשׁוּבָה
    (A)
    Textile materials with elastic demand
  • 40
    People who dispose of their assets are expected to pay ______________
    תְשׁוּבָה
    (B)
    capital gains tax
  • 41
    A floating exchange rate means that the exchange rate is fixed by the __________
    תְשׁוּבָה
    (B)
    Forces of demand and supply
  • 42
    A measure that can be adopted to correct a country 's balance of payments deficit is ____________
    תְשׁוּבָה
    (C)
    Adopt import substitution strategy
  • 43
    Records of a country's invisible trade are recorded in her_____________-
    תְשׁוּבָה
    (C)
    Current account
  • 44
    If a country's import bill is high, she can encourage exports by___________
    תְשׁוּבָה
    (A)
    Allowing her currency to depreciate
  • 45
    If a country imposes a barrier on trade, the resultant effect will be _________
    תְשׁוּבָה
    (C)
    an increase in the demand for locally produced goods