WAEC - Economics (1992)
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Economics is a social science because it
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deals with an aspect of hman behaviour
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Scarcity in Economics generally refers to
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Opportunity cost is define as the
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the most basic concern of economists is to
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allocate scarce resources to satisfy human wants
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The equilibrium price of orange is 50k. If for some reason the price rises to 60k, there will be
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In Economics production is complete when
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goods and services reach the consumer
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which of the following is not a characteristics of money?
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which of the following defines Economics most comprehensively ?
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The study of human behaviour in the allocation of scarce resources
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A society that is on its production possibility curve
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has attained both full employment and full production
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Money becomes a very poor store
money becomes a very poor stone of value in a period of
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rate of increase in a country's full employment and real output
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The market price of a commodity is determine by the
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interaction of demand and supply
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if the price of margarine rises substantially, the equilibrium price and quantity of butter demand will
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Money as a unit of account implies that it can be
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used to measure the value of goods and services
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which of the following does not increase the population of country
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A stockholder partakes of the profit of a l8imited liability business by receiving
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very liquid asset which can be easily converted into money
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Which of the following is not characteristics of a perfect competition ?
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supply and demand are equal
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Which of the following is not a negative effect of inflation
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Which of the following is not function of central bank
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Acceptance of deposit from the public
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Proportional tax is a tax whose
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percentage rate remains constant as the tax base increases
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the largest part of the revenue of a country is derived from
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which of the following is not a good reason for the importation of agriculture in West African countries? it
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provide raw materials only for foreign industries
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The comparative cost of doctrine of international trade means specialization in production according to
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comparative cost advantage
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The greater burden of the taxes on essential goods is borne by
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A change in supply implies a
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shift in supply curve to the left or to the right
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Which of the following will increase the GNP of an economy?
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An increase in the proportion of the productively employed population
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A market condition where profit is maximized when MR = AR = MC = P is known as
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when price of a commodity is fixed by the law either below or above the equilibrium, the mechanism is known as
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currency in circulation and demand deposits
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which of the following is not the function of a commercial bank
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serving as banker to the government
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inflation caused by increase in demand is known as
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indirect tax are taxes which
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are levied on goods and services purchased by individuals and firms
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The situation where government revenue in a fiscal year is less than its expenditure is referred to as
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The situation where government revenue in a fiscal year is less than its expenditure is referred to as
