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WAEC - Economics (2021)

  • 1
    The study of economics IS Important to every society because it______ 
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    (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________
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    (C)
    Handbag and Jewelry.
  • 3
    The distinguishing function of an entrepreneur is_______
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    (C)
    Risk-bearing.
  • 4
    When a commodity market operates without government interference, commodities are distributed through_______
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    (B)
    The operation of price mechanism.
  • 5
    One way of obtaining the median of a given data is to__________
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    (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____________
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    (B)
    Price to fall substantially.
  • 7
    The demand for wood and labour is an example of______
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    (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?
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    (C)
    Demand for commodity X will decrease
  • 9
    An increase in market supply is caused by the following factors except_________
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    (C)
    A reduction in the cost of raw materials.
  • 10
    The coefficient of price elasticity of supply of land is usually____________
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    (C)
    Zero
  • 11
    The price of soap rose from $10 to $20 causing a trader to increase her supply from 50 to 120 boxes per week. This makes supply_________
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    (C)
    Fairly elastic.
  • 12
    The leftward shift in the supply curve for a commodity indicates_________
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    (B)
    A decrease in supply.
  • 13
    Market supply may increase if there is an increase in the________
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    (A)
    Price of the product
  • 14
    Government can increase farmers' incomes by__________
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    (B)
    Fixing minimum prices.
  • 15
    When market supply increases , the equilibrium price_________
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    (B)
    Falls and quantity rises.
  • 16
    The supply of mangoes is represented as P=0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50?
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    (B)
    $15.00
  • 17
    The output of an extra unit of an input is referred to as________
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    (B)
    Marginal product of the input
  • 18
    The law of diminishing returns is applicable to the__________
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    (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___________

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    (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_____

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    (B)
    $11
  • 21
    The relationship between the marginal revenue (MR) and the average revenue(AR) of a monopolist is that the marginal revenue curve____ 
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    (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_______
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    (B)
    government subvention
  • 23
    Separation of ownership of resources and their control is mostly found in a __________
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    (C)
    joint stock company
  • 24
    By passing the middlemen in the chain of distribution can lead to _________
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    (A)
    a problem of unemployment of labour
  • 25
    Two factors which can improve the efficiency of labour are_________
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    (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?

     

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    (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?

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    (A)
    2:3
  • 28
    The supply of land for agricultural purpose can be increased through _______
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    (B)
    reclamation and irrigation
  • 29
    Non-economic factors that influence the location of firms include ________
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    (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?
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    (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)?

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    (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?

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