WAEC - Economics (2024)

• 1

  There is scarcity when

  Menjawab

  (B)

  demand for resources is greater than its supply.
• 2

  Points within a Production Possibilities Curve (PPC) indicate 

  Menjawab

  (B)

  attainable but inefficient production levels.
• 3

  Which of the following is not a feature of labour?

  Menjawab

  (D)

  Its efficiency depends on its size
• 4

  The pursuit of private profits is a feature of

  Menjawab

  (C)

  capitalist economies.
• 5

  A major feature of the socialist economic system is 

  Menjawab

  (A)

  setting of production targets by public authorities.
• 6

   If the budget on education is $50 m out of an annual national budget of $300 m. The sector of a pie chart representing education is 

  Menjawab

  (B)

  60°
• 7

  Price elasticity of demand is the responsiveness of quantity demanded to a change in

  Menjawab

  (D)

  price of the product.
• 8

  When total revenue increases as price falls, the coefficient of price elasticity of demand is 

  Menjawab

  (A)

  greater than one.
• 9

  If the quantity demanded of rice de- creased from 150 bags to 100 bags, the percentage change in quantity demanded is

  Menjawab

  (B)

  33.3 %
• 10

  The law of demand will not hold when

  Menjawab

  (C)

  rare commodities are involved.
• 11

  

  The diagram above shows the demand for milk. Use it to answer questions this question.

   

  The movement from point x to z might have been caused by

  Menjawab

  (B)

  a decrease in price of milk.
• 12

  

  The diagram above shows the demand for milk. Use it to answer questions this question.

   

  If demand for postal services decline as a result of increased use of e-mails, then the two services are in 

  Menjawab

  (C)

  competitive demand.
• 13

  Other things being equal, an increase in the demand for land in the short-run will cause an increase in the 

  Menjawab

  (B)

  price and supply.
• 14

  If the coefficient of price elasticity of supply of a commodity is 0.8, then supply is 

  Menjawab

  (B)

  fairly inelastic.
• 15

  The negative slope of the demand curve is best explained by

  Menjawab

  (D)

  diminishing marginal utility.
• 16

  Minimum price legislation is used to protect the interests of 

  Menjawab

  (A)

  Small scale producers.
• 17

  The table below shows the supply and demand schedule for apples. Use it to answer question 17

  Price  ($)	Quantity demanded	Quantity supplied
  10	50	25
  20	35	35
  30	20	45
  40	5	55

   

  At what price is excess supply equal to 25? 

  Menjawab

  (C)

  $30
• 18

  Which of the following best explains diseconomies of scale? Increase in output causes the

  Menjawab

  (A)

  average cost to rise.
• 19

  In the short-run, a firm can increase output by 

  Menjawab

  (D)

  increasing the quantity of raw materials.
• 20

  The fixed cost of producing 100 units of a good is $600. If the variable cost is $400. the average total cost of one unit of the good is

  Menjawab

  (D)

  $10
• 21

  Firms in perfect competition break even in the long-run because

  Menjawab

  (A)

  new firms can not enter the market due to copyright laws.
• 22

  The government policy that encourages public corporations to operate profitably is 

  Menjawab

  (C)

  commercialization
• 23

  Separation of ownership from control is more pronounced in a

  Menjawab

  (B)

  joint-stock company
• 24

  Warehousing of goods in the process of distribution is the function of

  Menjawab

  (D)

  wholesalers
• 25

  The supply of labour to an occupation will tend to rise when

  Menjawab

  (C)

  welfare packages improve.
• 26

  Malthus predictions did not come to pass mainly because

  Menjawab

  (D)

  many people emigrated to the new lands.
• 27

  In determining the growth of a country's population, infant mortality is a component of

  Menjawab

  (D)

  death rate.
• 28

  The low productivity per worker in agriculture experienced in West African countries is due to

  Menjawab

  (B)

  the use of simple traditional implements.
• 29

  What will be the likely effect if agriculture is fully mechanized in West Africa?

  Menjawab

  (C)

  Less labour will be required on the farm
• 30

  Locating firms in urban areas 

  Menjawab

  (C)

  make a firm enjoy the bene- fits of the existence of other firms.
• 31

   An advantage a small firm has over a large firm is that the former can better

  Menjawab

  (C)

  enjoy internal economics of scale.
• 32

  National income estimates will be understated as a result of the activities of

  Menjawab

  (A)

  subsistence farmers.
• 33

  Use the table below to answer this question.

  Gross National Product	$400m
  Depreciation	$100m
  Total Population	25m

  The value of Net National Product is

  Menjawab

  (C)

  $300 m
• 34

  Use the table below to answer this question.

  Gross National Product	$400m
  Depreciation	$100m
  Total Population	25m

  The value of per capita income is

  Menjawab

  (C)

  $16.
• 35

  One effect of inflation is that

  Menjawab

  (D)

  money's purchasing power will fall.
• 36

  The function of money that enables credit purchases of goods and services is 

  Menjawab

  (C)

  standard for deferred payment.
• 37

  Supply of money is best defined as the

  Menjawab

  (A)

  money in circulation plus bank deposits.
• 38

  Capital market operators deal in the 

  Menjawab

  (B)

  supply of and demand for long term loans for investment.
• 39

  Money supply will increase when the Central Bank

  Menjawab

  (A)

  buys securities from the public.
• 40

   Expansionary fiscal policy implies

  Menjawab

  (D)

  decreasing tax rates.
• 41

  A commodity with perfectly inelastic demand has the burden of tax borne by 

  Menjawab

  (B)

  the buyers alone.
• 42

  An increase in a country's production capacity usually leads to economic 

  Menjawab

  (C)

  growth
• 43

  One indicator of the low level of cap ital formation in developing countries is

  Menjawab

  (A)

  low per capita income.
• 44

  Balance of payments is defined as the 

  Menjawab

  (B)

  record of financial transactions between a country and the rest of the world.
• 45

  Devaluation of currency will help to correct balance of payments deficit if a country's 

  Menjawab

  (C)

  exports have elastic demand.