WAEC - Economics (2007)
1
The three principal economic unit in any system are
Válasz(C)
households, firms and governments
2
The satisfaction derived from the use of a commodity is its
3
The reward which accrues to labour for participating in production is
4
The Malthusian theory of population does not concern itself with
Válasz(D)
development and growth of manpower
5
one characteristics of labour is that it is
6
a country where labour is not sufficient to make proper use of natural resources is said to have an
7
When population is classified according to professions, it is called
Válasz(D)
occupational distribution of population
8
What must be added to variable cost to give total cost?
9
Válasz(D)
total money realized from sales
10
Given that TR is total revenue, then TRn -TR (n-1) can be used to find the
11
The lower the price of a commodity, the greater the quantity demanded. This is based on the assumption that the consumers’
12
The demand for beans in bags is given by the function Q - 36 + 0.4P = 0.
Where P is price in naira and Q is quantity.
Find Q when P = 20 naira.
13
If the price of goods X rises and the quantity demanded of goods Y increases then the two goods X and Y must be
14
in a situation where demand is perfectly elastic , imposition of tax on a commodity to raise its price will result in
Válasz(C)
consumers shifting completely to substitute products
16
which of the following is a characteristics of monopoly
17
when a firm is nationalized ,
Válasz(B)
it has the right o draw on state funds for capital investment
18
The practice whereby a business is owned by two or more independent firms is termed
19
The main objective of privatizing a government business is to
Válasz(D)
increase the level of efficiency
20
the return of investment that is just sufficient to satisfy the owner of a business is called?
21
which of the following is a middleman in the chain of distribution?
22
A negative effect of the presence of a large number of middlemen in the distributive network is
23
An example of a producer goods is a
24
To promote the development of agricultural sector, government of West African countries should
Válasz(C)
support the marketing of farm produce
25
The most important quality of money is that it must be
26
A certain amount of money is needed for everyday expenditure like buying of goods, transportation and others. This is
Válasz(A)
transaction demand for money
27
Long-term loans can be secured from
28
The value of money is generally measured in relation to the
29
which of the following is true under rapid inflation? People
Válasz(D)
hardly wants to lend money
30
which of the following financial institutions was originally known as a Building Society?
31
A non-bank financial intermediary which is regarded as a pool of risks is the
32
A foreign exchange market deals in
33
Which of the following institutions assists the government in managing the national debt?
34
If tax takes a large proportion of the income of people with lower income, the tax is
35
Which of the following is an example of direct tax?
36
Monetary control measure are coordinated by
37
A country whose economy is buoyant is likely to have
38
The Net National Product (NNP) is Gross National Product (GNP) less
39
If the population of a country is low and the Gross National Product is high, the per capita income will be
40
The population of a country in a certain year was fifty million and her per capita income was $2,050. What was the national income?
41
One of the advantages of capitalism is that
Válasz(C)
efficient allocation of resource is assured
42
Which of the following contributes the highest amount of foreign exchange to the economy of West African nations?
Válasz(D)
Extraction, farming and tourism
43
International trade depends on the concept of?
Válasz(C)
comparative cost advantage
44
One advantages if international trade is that
Válasz(D)
it makes variety of goods available
45
The practice of selling goods overseas and often below the cost of production is known as
