WAEC - Economics (1989)
1
Scarcity in Economics means that resources
Answer(B)
Needed to satisfy human wants are limited
2
A table which shows the price of a commodity and the quantity of it that is demanded per unit time is a
3
The greatest disadvantages f barter system is the need for
Answer(D)
Double coincidence of wants
4
An inflation in which the price rises steadily at an average rate of about 2% per annum is best described ad
5
In Economics market is define as
Answer(D)
any arrangement where by buyers and sellers are in close touch with one another
6
money supply at any given point in time refers to as
Answer(A)
bank notes, coins abd demand deposits
7
all the following are source of finance to a Joint Stock Company except
8
Data presented in table are usually arranged in
9
which of the following is not a function of money?
10
Which of the following is not appropriate in calculating national income figures?
11
What is the correct term for this group of exports : tractor, televisions, components, drugs and cars?
12
the indicator of the value of money in the market is the
13
Mobility of labour is not affected by
Answer(A)
the optimum size of population
14
Given that fixed cost is N500.00, variable cost N1,500.00 and output is 50 units, what will be the average cost of producing one unit?
15
Which of the following is regarded as fixed cost?
16
which of the following reasons explains the upward sloping of supply curve in a competitive market?
Answer(A)
Ceteris paribus, marginal cost increase as output increases
17
A firm is said to be a Public Joint-Stock Company when it
Answer(D)
sells its shares to memebers of the public
18
which of the following factor is not important in deciding the location of an industry?
Answer(A)
the native language of the epople
19
The clearing house of all commercial banks in Nigeria is the
20
One of the advantages of Sole Proprietor is that
Answer(D)
initiatives can be used in all cases
21
which of the following does not hinder the efficient of distribution of goods in West Africa?
Answer(D)
Government participation in the distributive trade
22
which of the following categories of people do not gain during inflation?
23
one of the argument against he presence of middlemen in the distribution chain is that they
Answer(A)
cause increase in the price of commodities
24
Which of the following is the normal channel by which the commodities reach the final consumer?
Answer(B)
Mnufacturer-wholesale-retailer-consumer
25
the movement of a worker from one grade to another within the same industry is a form of mobility of labour which is
26
a person who buys in bulk and sells in bit is a
27
which of the following is not correct?
Answer(D)
Population is affected by the amount of money in circulation
28
The money paid per hour or week for work done is known as
29
in a rapidly growing economy where human labour is being replaced by machines, there is likely to be
30
Distribution is part of production because it
Answer(A)
Makes goods and services available to the final consumer
31
The grouping of a population into males and females is known as the
32
which of the following is the most important reason why wages differ among occupations?
33
Answer(B)
means of exchange authorized by the state
34
Wages are to some extent determine by the
Answer(B)
Marginal productivity of labour
35
Answer(D)
Tends to redistribute income arbitrarily
36
which of these does not encourage industrial development?
Answer(D)
Limitation of markets for industruial products
37
which of these does not encourage industrial development?
Answer(D)
Limitation of markets for industruial products
38
Industry can simply be defined as
Answer(B)
A firm or firms producing similar goods and services
39
The reward of a debenture holder of a public company is a fixed rate of
40
The downward sloping of the Average Revenue curve of the monopolist indicates that he
Answer(C)
Can control either the output or the price, but not both
