WAEC - Economics (1995)
1
Economics is a social science which studies how
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scarce resources are allocated to satisfy human wants
2
Scarcity in economics means
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limited supply of goods and services
3
The decision on what to produce is a problem in
4
The law of demand states that
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as price falls, quantity demanded increases
5
which of the following is an important limiting factor in the application of division of labour?
6
Which of the following does not encourage the location of industries?
7
All the under listed factors directly affects the supply of a commodity except
8
which of the following economic system is in operation in Nigeria?
9
Giffen commodities are those commodities
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for which demand increases as price increases
10
Effective demand in economics means
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the desire for a commodity or service backed by purchasing power
11
Government can influence aggregate demand through all the following measures except
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retirement of director-general in the public service
12
The term production in Economics means
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the creation of utilities
13
Under the socialist economy , the decision on what to produce is determined by the
14
Credit creation by banks is limited by
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the non-availability of clllateral security
15
Which of the following explains marginal cost?
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The additional to total cost resulting from the production of an additional unit
16
The effect of an increase in price on the demand for a commodity with elastic demand will be
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a decrease in the demand for the commodity
17
In perfect competition , the marginal cost curve intersects the average cost curve
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from below at its lowest point
18
Which of the following does not require the use of information from census?
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Controlling geographical mobility of labour among the states or regions
19
Which of the following is not a function of an insurance company?
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Collection of deposits from the public
20
Malthus observed in his theory that population was growing
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in geometrical progression
21
At optimum population level, a country has its
22
Which of the following does not give a characteristics of money?
23
Which of the following constitute the major components of money supply in a development economy?
24
A point along a consumer's indifference curve shows
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a combination of two commodities from which he derive the same satisfaction
25
If a monopolist is attempting to maximize profit , which of the following should he attempt to do?
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Equate marginal cost to marginal revenue
26
The greatest foreign exchange earner for Nigeria before the advent of petroleum was
27
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summary of expected income and expenditure
28
The real value of money is
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what it can buy ata a particular time
29
A tax whose rate increases as income increases is
30
Which of the following best describes the multiplier?
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Ratio of change in income to the expenditure that brought it about
31
Net National Product (NNP) is equal to the
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Gross National Products (GNP) less depreciation
32
Terms of trade simply means the price
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ratio of export to import
33
Balance of trade can be define as
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the value of import in relation to the value of a country's exports
34
Which of the following is not a feature of a perfect market?
35
Which of the following is the source of raising funds for a public limited liability company in West Africa?
